In our 4Q 08 and FY 2008 update report, dated 05 March 2009, we reiterated Crucell N.V.'s (Crucell) common stock a BUY with a target price of €16.80, representing an upside of 12%. The common stock achieved our target price on 16 June 2009, closing at €16.81. Consequently, we are downgrading the common stock from a BUY to a HOLD as the current price no longer supports our BUY rating. We will reassess our target price and rating in our 1Q 09 update report....

We believe Crucell’s expanding vaccine portfolio and the company’s PER.C6 cell line technology provides the company with a strong position in the high growth vaccine market. Global pharmaceutical companies are currently experiencing weak growth in the traditional pharmaceutical market, which has forced companies to focus on other revenue streams, such as the vaccine market (demonstrated by the recent appreciation in Crucell’s stock price associated with…

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Crucell N.V. (Crucell) reported strong y-o-y revenue growth in 4Q 08. While 4Q 08 revenues were lower than our estimate in 4Q 08, operating and net performance exceeded our expectations. Crucell has reported consistent strong performance in 3Q 08 and 4Q 08, in terms of profitability. Hence, we expect to revise our operating and net margin estimates upwards…