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12:00 AM
Dec 03, 2007
 |  BioCentury  |  Analyst Picks & Changes

Analyst picks & changes

Analyst picks & changes

Company Bank Analyst Coverage Opinion Wk chg 11/30 cls
Addex (SWX:ADXN) Helvea Olav Zilian New Buy 18% CHF36.50
Zilian last week set a target of CHF66 and said the company's allosteric modulators could be of "strategic value to big pharmaceutical companies," which positions it on the path to a "string of licensing deals."
Axcan (TSX:AXP; AXCA) Dundee David Martin Rating change Tender (from neutral) 27% $22.58
Punk Geoffrey O'Brien Downgrade Sell (from market perform)
Martin last week raised his target to US$23.35 from US$21 on news that the gastrointenstinal play is being acquired by TPG Capital for US$23.35 per share, or US$1.3B in cash (see "Ebb & Flow," A14).
O'Brien raised his target to US$23.35 from US$12 on the take-out news.
Cardiome (TSX:COM; CRME) Leerink Joseph Schwartz Other Market outperform -5% $9.97
Schwartz last week lowered his valuation to $16 from $17 after CRME delayed interim Phase IIb trial results for oral vernakalant to prevent recurrence of atrial fibrillation. The delay, until March 2008, will allow it to have at least 360 patients treated for at least 3 months. Schwartz noted that the delay could enhance trial statistics, triggering a "more lucrative partnership or acquisition sooner."
Catalyst (CPRX) Rodman Elemer Piros New Market outperform 17% $3.13
Piros last week set a $9 target to reflect his belief that positive Phase II results for Vigabatrin to treat cocaine and methamphetamine addiction could facilitate its approval by 2011. She expects Phase II data to treat cocaine addiction in 4Q08 and to treat methamphetamine addiction in 1H09.
Celgene (CELG) Banc of America Securities Katherine Kim Upgrade Buy (from neutral) -1% $61.55
JMP Securities Charles Duncan Price target Market outperform
Lazard Matthew Osborne Price target...

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