>>NEW YORK (AP) -- Shares of Genitope Corp. jumped Wednesday after an analyst upgraded the biotech company on anticipated positive results from the company's mid-stage trial for a personalized cancer vaccine.
Genitope shares rose 44 cents, or 6.3 percent, to close at $7.46 on the Nasdaq, after earlier trading as high as $7.65. Shares have declined over the past year, from a 52-week high of $17.60 on Dec. 4, to a 52-week low of $5.90 on Oct. 19.
RBC Markets analyst Jason Kantor upgraded Genitope to "Outperform" from "Sector Perform," on confidence that promising Phase II trial results will transfer to an ongoing late-stage, or Phase III, clinical trial for the company's MyVax personalized cancer vaccine.
In a research note, Kantor said shares will likely trade higher up to the release of Phase III results in mid-2006. The analyst noted most of the 21 patients in the Phase II trial have had their cancer not progress for an average of 37.7 months, with 10 patients progression-free after 41 to 71 months.
The analyst forecasts a loss per share for Genitope of $1.18 in 2005 and $1.34 in 2006. Analysts surveyed by Thomson Financial expected a loss per share of $1.15 in 2005 and $1.55 in 2006.<<
Cheers, Tuck |
