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Biotech / Medical : Pathogenesis(pgns)

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To: Ken M who wrote (81)	4/30/1998 9:18:00 AM
From: Henry Niman	Read Replies (2) of 228

Here's what Piper Jeffrey had to say this morning: PathoGenesis Corporation (#) (PGNS - $37 3/4) Strong Buy; $60 Target: TOBI Sales Far Exceed Our Estimate. Profitability Achieved Three Quarters Earlier Than Expected. Raising Price Target To $60 -Yesterday, PathoGenesis announced that TOBI sales for the first quarter were $14.5 million, well above our estimate of $10.0 million. Even more impressive, PathoGenesis reported EPS of $0.06 versus our estimate of $(0.14), making the Company profitable a full three quarters before we had projected. We are raising our 1998 sales estimate to $61 million from $51 million, and our 1998 EPS estimate to $0.32 from $(0.03). We emphatically reiterate our Strong Buy rating and are raising our price target to $60 (up from $57). Peter L. Ginsberg, CFA, 612-342-6456, pginsberg@pjc.com

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