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Investment Bank Ups Invitrogen s Share Price Target to $83

NEW YORK, Dec. 16 (GenomeWeb News) - Investment bank UBS yesterday upped Invitrogen's price target to $83 after the company announced its latest acquisition.

 

As reported by GenomeWeb News yesterday, Xcyte Therapies agreed to sell its T cell expansion technology to Invitrogen for $5 million in cash along with a percentage of any sublicensing revenue Invitrogen derives from out-licensing the technology.

 

In the past month, Invitrogen has also reorganized its business to create a closer link between product development and its customer basewon a patent case on appeal, and signed distribution and co-marketing deals.

 

The company's average target price is $78.86.

 

Invitrogen's stock price has not moved significantly in today's mid-afternoon trading, declining .3 percent, or $.22 to $68.72.

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