IDPH: IDEC Pharmaceuticals Corp Message Board

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Biotech / Medical : IDPH: IDEC Pharmaceuticals Corp

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From: betone	6/4/2001 11:22:23 PM
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Monday June 4, 2:00 pm Eastern Time RESEARCH ALERT-Morgan Stanley raises IDEC estimates NEW YORK, June 4 (Reuters) - Morgan Stanley said on Monday that it raised earnings estimates on IDEC Pharmaceuticals Corp.(NasdaqNM:IDPH - news), based on April sales data for the cancer drug Rituxan. IDEC shares rose 5.32 percent, or $3.48, to $68.87 at midday on the Nasdaq. Analyst Caroline Copithorne said in a research note that she raised earnings per share estimates to 62 from 56 cents in 2001 and to $1.02 from 89 cents in 2002. An IMS Health report indicated Rituxan sales of $62.4 million in April, which was higher than forecasts, the research note said. ``We anticipate ongoing upside for IDPH driven by further Rituxan surprises and Zevalin regulatory progress,'' Copithorne said in the research note. Zevalin is an experimental cancer therapy that is currently undergoing regulatory review to treat non-Hodgkin's lymphoma. The drug, which is joined with a radioactive isotope, targets a white blood cell affected by cancer in lymphoma patients and minimizes damage to healthy tissues. The American Stock Exchange Biotech Index (NYSE:BTK - news), which includes IDEC, is up 1.9 percent or 11.8 points to 634.25.

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