Invitrogen to Hold Meeting for Analysts on Thursday
biz.yahoo.com
Thursday August 16, 6:41 am ET
NEW YORK (AP) -- Invitrogen Corp., which makes kits that researchers use for gene cloning, holds a meeting on Thursday for analysts, who may be expecting an update on the company's product pipeline.
Earlier this month, Invitrogen posted a second-quarter profit that doubled on higher revenue from its cell biology and culture systems.
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Some analysts came away from the results feeling upbeat about the company's pipeline of products, saying they should drive long-term value.
In an analyst note, Deutsche Bank's Ross Muken said new products include an engineered cell line for human embryonic stem cells, among a number of others. Muken said sales of the company's cell culture systems were strong during the quarter, highlighted by a turnaround in the company's research sera production product line.
But Muken maintained a "Hold" rating on the stock, saying that expectations were rather low for the quarter.
"While this represents a second strong quarter for Invitrogen, we think the overall beat of consensus estimates was partially due to lowered expectations and an extremely easy comparable period," Muken wrote.
Invitrogen also recently authorized a $500 million stock buyback program.
Since reporting second-quarter results on Aug. 2, shares have risen around 6 percent to Wednesday's $75.57 closing price. |
