Good movement on Good news.
I've been waiting almost 3 years. Any other old timers out there.
JimB
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December 18, 1998 14:28
QLT shrs up on positive report on partner
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TORONTO, Dec 18 (Reuters) - Shares in QLT PhotoTherapeutics Inc. rose to a new 52-week high after a London broker issued a positive report on Novartis AG , its partner in developing a drug to treat a leading cause of blindness.
According to QLT and analysts, the climb in the stock was probably attributable to a bullish report from Warburg Dillon Read about Novartis which also discussed QLT and the drug Verteporfin, used to treat Age-related Macular Degeneration (AMD).
"There was a very positive report that was written about Novartis a couple of days ago by Warburg Dillon Read and they talked about QLT a lot. That's the only thing that's really happened of late," said a QLT spokeswoman.
QLT will release results from phase III trials of Verteporfin in the first quarter of 1999.
"They put out a report talking about Novartis, talking about BPD, QLT's drug, as an US$800 million drug. That's a good number," said Duncan Stewart, fund manager at Tera Capital.
The Warburg Dillion Read analyst was unavailable for comment.
QLT surged to a 52-week high of C$29.55 on the Toronto Stock Exchange before pulling back slightly to trade C$3, or 11.5 percent, higher at C$29. On Nasdaq, the stock climed 1-15/16 to 18-13/16.
"The company is expected to come out with very favorable data from one of their clinical trials," said Michael Jams, analyst at Levesque Beaubien Geoffrion. |
