GENVEC files S-1 Message Board

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Biotech / Medical : GENVEC files S-1

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From: Labrador	4/12/2008 2:38:29 PM
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Rodman & Renshaw came out with an update on April 3, 2008. Here's their conclusion. [If anyone wants a complete copy of their 3 page report, PM with your email address.] Reiterate Market Outperform -- Today’s announcement continues to underscore the validity of GenVec’s strong adenoviral technology platform that has broad applicability for the development of molecular-based vaccines, and which continues to be under-appreciated by investors, in our opinion. We believe continued government support for malaria vaccines highlights the unmet medical need of effective preventions and treatments for malaria and the potential broad utility of GenVec’s adenovector technology platform for the generation of novel vaccines against poorly addressed infectious diseases. Further, we continue to believe in the promise of TNFerade for the treatment of solid tumors such as pancreatic cancer. We therefore reiterate our Market Outperform rating on GNVC. Our $4, 12-month price target is based on a P/E multiple of 35x applied to our 2011 EPS estimate of $0.22, discounted at an annual rate of 30% for 2.5 years.

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