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Robertson, Stephens & Company Initiates Coverage on Miravant Medical
Technology With a Buy Rating
PR Newswire, Thursday, September 25, 1997 at 11:45
SAN FRANCISCO, Sept. 25 /PRNewswire/ -- Robertson, Stephens & Company
research analyst Donald Ellis today initiated coverage on Miravant Medical
(MRVT) with a Buy rating and a 12 month price target of $80-90.
Miravant is a specialty pharmaceutical company founded to develop and
market a broad range of products utilizing the company's patented PhotoPoint
technology. The company is currently developing photo-active and light
emitting devices for treatment of chronic diseases.
Ellis believes these are breakthrough therapies for diseases that cause
significant morbidity and mortality in a broad range of diseases categories,
including cardiology, oncology, gynecology, ophthalmology, urology and
dermatology.
Ellis believes that combined with strong clinical data, lack of
significant side effects and initial cancer focus minimizes FDA risk for the
company and the investor.
In 1998 the company expects to complete Phase III trials for metastatic
breast cancer, Phase II/III for ARMD, Phase I/II for Psoriasis in addition to
three NDA filings for cancer/dermatology indications. Ellis believes that
completing these near-term milestones will drive the stock considerably.
Ellis is publishing EPS estimates of $0.21 for 2000 and $6.63 for 2001.
Robertson, Stephens & Company is a leading international investment
banking firm focused on emerging growth companies. The firm's 45 senior
research analysts cover over 550 companies.
The information contained herein is not a complete analysis of every
material fact respecting any company, industry or security. Although opinions
and estimates expressed herein reflect the current judgment of the Firm, the
information upon which such opinions and estimates are based is not
necessarily updated on a regular basis; when they are, the date of the change
in estimate will be noted. In addition, opinions and estimates are subject to
change without notice. This Report contains forward-looking statements which
involve risks and uncertainties. The Company's actual results may differ
significantly from the results described in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to,
those discussed in "Investment Risks." Robertson, Stephens & Company LLC,
from time to time performs corporate finance services for some companies
described herein and may occasionally possess material, nonpublic information
regarding such companies. This information is not used in the preparation of
the opinions and estimates herein. Facts and other information discussed have
been obtained from sources considered reliable but are not guaranteed.
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and/or its employees may have an interest in the securities of the issue(s)
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SOURCE Robertson, Stephens & Co.
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