In our 1Q 08 update report, dated 17 July 2008, we reiterated the Crucell N.V. (Crucell) common stock a BUY with a target price of €10.65, representing an upside of 16%. The common stock achieved our target price on 01 August 2008, closing at €11.01. Consequently, we are downgrading the common stock from a BUY to a HOLD as the current price no longer supports our BUY rating. We reiterate the ADR a HOLD based on our fundamental outlook and our expectation of a negative currency impact in the long term.

Read the full report free of charge with free to view access to institutional-quality research on 400 companies and over 700 stocks at www.researchoracle.com