May 17, 1999
Dow Jones Newswires
DJ Biomira Stk Dn As Investors Sell On Theratope News
By LORI MCLEOD
Dow Jones Newswires
TORONTO -- Biomira Inc.'s (BIOM) stock is off 12% on Nasdaq Monday as investors who bought the stock in anticipation of positive clinical results for Biomira's Theratope cancer vaccine sell on the news, Michael Jams, an analyst with Levesque Beaubien Geoffrion Inc., told Dow Jones.
On Nasdaq, Biomira's stock is off 5/8 to 4 3/4 on about 2.1 million shares. In Toronto trading, Biomira's stock is off 0.80, or 10%, to 7.00, on about 818,000 shares.
In a news release Saturday, Biomira said Theratope may increase survival and decrease relapse in ovarian and breast cancer patients following autologous stem cell transplant.
While the news is good, it isn't unexpected, Jams said. He noted the stock had run up lately as investors anticipated the trial results would be positive.
Biomira's shares opened at an intraday high of 8.70 in Toronto, and hit an intraday high of 6 3/16 on Nasdaq earlier Monday. Jams said the initial boost was likely due to buying by investors who don't follow Biomira's story closely and hadn't bought the stock in advance of the news.
Biomira's stock may drift down a bit more, then stabilize until the company has another event to publicize, Jams said. Jams said his target price for Biomira is under review.
-By Lori McLeod 416-306-2031; lori.mcleod@dowjones.ca |
