That will present risks to Celgene and Amgen, both of which are active in that market. In fact, it was all of the multiple myeloma data presented at the recent American Society of Hematology (ASH) meeting that inspired the Leerink team to issue its warning about overcrowded markets. At the confab, "we were presented with no less than a dozen different multiple myeloma therapeutic programs targeting B-cell maturation antigen (BCMA), at least a year in advance of the first conceivable approval of any treatment addressing this target," the analysts wrote.