Money-manager Steven Cohen trimmed his position to 2.24 million shares (6%), from the 3.07 million (8.3%) he had reported owning in January.

Hedge fund S.A.C. Capital said that Celgene's (CELG) $72-a-share offer for Pharmion wouldn't "fairly compensate" shareholders, and said the drug maker could be worth $80 to $100 a share. S.A.C. Capital said Pharmion's drug, Vidaza, which is used to treat patients with higher-risk myelodysplastic syndromes, or bone-marrow diseases, could capture $100 million to $250 million more in sales than current projections, if a competitor's drug has worse survival data. S.A.C. Capital, run by billionaire investor Steve Cohen, holds 3,109,168 shares (8.3%).

From Barron's 7-9-07:

Sell - Price 29.45 on July 2
by Zacks Equity Research
"Pharmion is a global pharmaceutical company focused on acquiring, developing, and commercializing products for treating hematology and oncology patients. The company has two main growth drivers, Thalidomide and Vidaza. Yet, sales of both are stalling [due to] fierce competition...Without acceleration in Vidaza prescriptions, [PHRM stock] will remain under pressure. Therefore, we maintain Sell rating, with a 23 target...significantly ramping [research-and-development] and [sales, general and administrative] costs will cause Pharmion to post negative EPS the next two years. The company's positive EPS in 2005 was short-lived. Revenues will be flat until 2008 when new drivers will kick in. We believe Pharmion shares will be under pressure in next six to 12 months due to lackluster performance of Vidaza and Thalidomide. Other initiatives will not kick in until the end of 2007...Vidaza was approved by the Food and Drug Administration in May 2004 for treatment of leukemia-predecessor, myelodysplastic syndrome. Another key product is Thalidomide for [treating] multiple myeloma and leprosy...PHRM also acquired the rights to three pipeline candidates, Satraplatin, MGCD0103 and Amrubicin."

Upgraded by Matrix Research from Hold to Buy

Looking to go to $40

Upgraded by Prudential from Underweight to Neutral