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Biotech / Medical : BIOMIRA RESEARCH (BIOM)
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To: chirodoc who wrote ()1/22/2000 12:34:00 AM
From: chirodoc   of 72
 
In a new report yesterday, Merrill Lynch Canada Inc. analyst Andre Uddin raised his 12-month price target for Biomira to $18 from $10, while maintaining his intermediate-term "buy" and long-term "accumulate" ratings on the stock.

His stock valuation was based on applying a multiple of 50 times Biomira's estimated earnings of $1.25 a share in 2004 and discounting the estimate by 35 per cent.

Mr. Uddin likes the stock because he expects Biomira to forge a new partnership with a pharmaceutical company to market Theratope in a deal that could include BLP-25.

"The potential market for BLP-25 is bigger than Theratope," said Bill Wickson, a spokesman for Biomira. However, he said there were no corporate developments to explain the stock activity. "Simply, we think the Street is realizing the value of the company."

Some of hype around Biomira comes from investment newsletters broadcast on the Web. Yesterday, for example, the Bull Market Drug and Biotech Investor (http://www.bull-market.com) called Biomira, which has tripled since November, "one of our favourites."

Asking "how could it go up on no news?" the newsletter suggested that institutions are "realizing that with two broadly useful cancer vaccines (Theratope and BLP-25) nearing the goal line after more than 10 years of development, their chance of purchasing this stock in the single digits is slipping away.

"If they want to get this stock cheap . . . they have to act
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