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Biotech / Medical : QLT PhotoTherapeutics (QLTI)
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To: Garth Richmond who wrote (357)12/21/1998 9:05:00 PM
From: Ian@SI  Read Replies (1) of 1321
 
I missed this rating from Merrill when it came out in September.

QLT has added more than 50% in the less than 3 months since ML said REDUCE.

Does anyone know any other good companies that ML is suggesting as Shorts? ;-)

Ian.

Price-Local/US C$21.00/US$13 5/8

12 Month Price Objective: C$17.50/US$11

Estimates (Dec)   1997A   1998E     1999E
Net Income (mn): (16,683) (21,069) (18,122)
EPS:               (0.64)   (0.77)   (0.66)
P/E:                 NM        NM      NM
EPS Change (YoY):              NM      NM
Cash Flow/Share:     NA        NA      NA
Price/Cash Flow:     NM        NM      NM
Gross Dividend:      Nil       Nil     Nil
Gross Yield:         Nil       Nil     Nil

Opinion & Financial Data
Investment Opinion: D-4-4-9
Mkt. Value / Shares Outstanding (mn): 475,895 / 27,194
Book Value/Share (June-98): 3.29
Price/Book Ratio: 5.3x

Stock Data
52-Week Range – Local: $29.25  - $15.25
52-Week Range –    US: $20 3/8 -  10 3/4
Symbol / Exchange – Local: QLT / TSE
Symbol / Exchange – US: QLTIF / Nasdaq
Exchange Rate: 1.55
Free Float: NA


Investment Highlights:
· Initiating coverage of QLT PhotoTherapeutics
with a Reduce rating for both the intermediate
long terms.

· QLT's flagship PDT drug, Photofrin continues
to deliver lackluster sales, we are forecasting
royalties of C$2.2 million this year.

· Our 1998-2000 EPS estimates are C($0.77),
C($0.66), C$0.51.

Fundamental Highlights:
· QLT's second drug in clinical development,
BPD is being developed for treating macular
degeneration. We anticipate positive Phase III
results in Q4 1998/Q1 1999.

· Miravant should launch their competing
product for treating macular degeneration six
months after QLT is on the market.

· At the end of Q2 '98, the company had
approximately C$98 million in cash, with no
debt. Positive cash flow cannot be achieved
until BPD is launched which is anticipated in
Q2 2000.
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