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Biotech / Medical : Biotech for less than cash value

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From: Ian@SI	12/14/2007 8:22:55 PM
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The ticker, DDSS is about all I know about this one. CIBC upgrades Labopharm Friday, December 14, 2007 It’s been a punishing ride for Labopharm this year, from a January high of $8.05 to a near penny stock, with its pain pill hurtin’ in a protracted approval fight with the FDA. Citing the recent price slide, CIBC World Markets upgraded the drug developer to “sector perform” from “sector underperform,” with the price target held at $1.75. Just before 2 p.m. EST on Friday, the stock is changing hands at $1.01, down 7 cents. Analyst Joe Walewicz points out that the company’s cash of $1.20 a share at the end of the third quarter is sufficient to meet near-term obligations. While forecasting a sales ramp-up for its flagship tramadol pain pill next year, he points out that Labopharm’s pipeline is also moving along. With final-stage clinical results for once-daily anti-depressant trazodone due in the second quarter and a “more attractive valuation,” he contends the “current risk/reward profile [is] balanced,” despite the uncertainty surrounding U.S. approval of once-daily tramadol.

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