Robertson Stephens Reiterates Buy Rating on BXM
SAN FRANCISCO--(BUSINESS WIRE)--Oct. 5, 1999--Robertson Stephens Senior Medical Device and Medical Technology Analyst Wade H. King, M.D., a 1999 Wall Street Journal All-Star analyst, today reiterated his Buy rating on Biomatrix, Inc. (NYSE:BXM - news). The company, headquartered in Ridgefield, N.J., has developed Synvisc, a novel treatment alternative for osteoarthritis of the knee.
''We are reiterating our Buy rating on Biomatrix,'' said King. ''Recent script data suggests that rolling three month sales of Synvisc appear to be up over 25 percent. We believe this is particularly impressive, given that sales of orthopedic products are usually softest in August.''
''Biomatrix currently trades at 19 times our 2000 earnings-per-share estimate of $1.25,'' said King. ''Going forward, we expect shares of Biomatrix to trade at 30 times our 2000 earnings-per-share estimate, yielding a price target of $38, providing investors with an opportunity for a 60 percent return-on-investment. We view this as a very compelling valuation, especially given the company's successful track record of strong revenue and earning-per-share growth.''
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