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12:00 AM
 | 
Oct 22, 2007
 |  BioCentury  |  Analyst Picks & Changes

Analyst picks & changes

Analyst picks & changes

Analyst picks & changes
Company Bank Analyst Coverage Opinion Wk chg 10/19 cls
Biogen Idec (BIIB) Baird Christopher Raymond Other Neutral 16% $80.22
Jefferies Adam Walsh Price target Hold
Raymond raised his 3Q07 Tysabri sales estimate to $98M from $91M after BIIB said about 17,000 patients worldwide were receiving the multiple sclerosis (MS) drug as of the end of September (see BioCentury, Oct. 15). However, he lowered his 3Q07 and FY07 EPS estimates to $0.68 from $0.72 and to $2.67 from $2.71 to reflect his increased 3Q07 R&D estimate. Tysabri is partnered with Elan (ELN).
Walsh raised his target to $73 from $52 based on a take-out range of $70-$80 after BIIB said its board of directors authorized management to evaluate the possible sale of the company (see "Change of Control Calculus," A19).
Celera (CRA) JMP Securities Charles Duncan Price target Underperform -2% $15.30
Duncan raised his target to $13 from $11 after CRA completed its acquisition of Berkeley HeartLab for $195M in cash and said it had identified a Genetic Risk Score (GRS) that could be used to predict an increase in risk of coronary heart disease (CHD) (see B4). The company hopes to launch the test in 1Q08.
Cubist (CBST) Cowen Rachel McMinn Other Neutral -1% $22.54
Jefferies Eun Yang Other Buy
McMinn raised her FY07 and FY08 revenue estimates to $293.1M from $287.2M and to $386.9M from $367.9M, respectively, on CBST's earnings. She also changed her FY07 and FY08 EPS estimates to $0.89 from $0.90 and to $1.32 from $1.28 (see "EPS Watch," A16).
Yang changed her FY07 and FY08 EPS estimates to $0.93 from $0.96 and to $1.32 from $1.14. She also raised her FY07 and FY08 revenue estimates to $295.5M from $289.7M and to $398M from $365.8M, respectively.
Exelixis (EXEL) Piper Jaffray Edward Tenthoff Price target Market outperform -10% $10.73
Tenthoff lowered his target to $14 from $16 after XL784 did not meet the primary endpoint of reducing proteinuria in the Phase II EXACT trial to treat proteinuria associated with diabetic nephropathy. XL784 is an ADAM10 metalloproteinase (MMP) and MMP-2 enzyme inhibitor (see B19).
Genentech (DNA) Baird Christopher Raymond Price target Market outperform -3% $75.00
Banc of America Securities William Sargent Price target Buy
Bear Stearns Mark Schoenebaum Price target

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