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Biotech / Medical : QLT PhotoTherapeutics (QLTI)
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To: Scripts who wrote (944)7/17/2000 3:54:27 PM
From: Ian@SI  Read Replies (3) of 1321
 
Ed,

It appears to be the same fearmonger spreading the same concerns that Christine Charest dispelled in her report last month. (... or was it a May report out of NB.)

QLT Photother. (QLTI) 51 7/8 -7: Adams Harkness downgrades to MARKET PERFORM from STRONG BUY over reimbursement issues for Visudyne therapy (treatment of wet age-related macular degeneration); firm believes current reimbursement situation will take 3-6 months to straighten out; reducing worldwide Visudyne sales estimates for Q2, Q3 and Q4 from $23 million, $34 million and $44 million to $22 million, $23 million and $26 million respectively.



In addition to Nesbitt Burns suggesting that Adams Harkness has its head in a dark and stinky place, CIBC World Markets has reiterated its strong buy and $85US price target for the 2nd time in less than a week.

This came out between 2 and 3PM today.

QLT Photother. (QLTI) 52 15/16 -5 15/16: -- Update -- CIBC Wrld Mkts reiterates STRONG BUY rating and price target of $85.



Net IMO, another buying opportunity provided courtesy of Adams Harlots. If you buy some more at a discount, remember to say thank you to them a few months out. People who are going irreversibly blind just aren't going to fret over reimbursement procedures. And any analyst that can't understand how important remaining eyesight is to one who's rapidly going blind really shouldn't be listened to. Again, IMO.

FWIW,
Ian.
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