Here's the Montgomery Report detailing the expected earnings. Note that if IDEC gets early approval, (vs. the expected 6 month turn around for a BLA) the timetable of payments may be advanced. BTW I wasn't aware that Genentech would pay IDEC another milestone fee upon approval. Does anyone know how much this will be? My limited experience notwithstanding, the technicals look pretty good too with the stock price trending along the upper Bollinger band with the DMI confirming a bullish trend. The MACD also suggests that this bull run hasn't run out of steam so any more good news should keep things rolling. (Take with the requisite few grains and check back after the open!)
UPDATE) Montgomery Securities Rates Idec Pharmaceuticals Initial Buy
Dow Jones Online News, Friday, March 07, 1997 at 17:05
NEW YORK -(Dow Jones)- Montgomery Securities Inc. analyst Scott
Sacane initiated coverage of Idec Pharmaceuticals Corp. with a buy
rating.
The analyst set a one-year share-price target of $52. The shares
closed at $26.
Sacane said the company's lead drug product for lymphoma, already
filed with the Food and Drug Administration, has "a high probability of
approval."
Sacane predicted Idec will be profitable in the fourth quarter,
making 71 cents a share, based on payments from its partner on the drug,
Genentech Inc. Idec gets a "very substantial" minority of profits,
Sacane said, which he estimates at 35%.
In 1998, sales of the product will be $23 million to Idec, yielding
earnings of 42 cents a share, the analyst predicted. In 1999, sales to
Idec should be $71 million, yielding $1.50 a share.
Cheers,
Ed. |
