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Biotech / Medical : Invitrogen IVGN -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (34)	3/1/2006 1:59:44 PM
From: richardred	Respond to of 73

Invitrogen Up on Earns, Upgrade, Deal Wednesday March 1, 1:38 pm ET Invitrogen Shares Rise After Strong Fourth-Quarter, Analyst Upgrade, Bird Flu Deal NEW YORK (AP) -- Shares of life sciences company Invitrogen Corp. received a lift Wednesday and shares Carrington Laboratories Inc. hit a new 52-week high after the companies penned a deal to develop a new bird flu vaccine. Invitrogen shares rose $3.79, or 5.3 percent, to $74.72 in afternoon trading on the Nasdaq, after earlier changing hands as high as $76.65. Shares have traded between $60.14 and $88.50 over the past 52 weeks. Carrington shares jumped $1.76, or 39 percent, to $6.31 at nearly 85 times their average trading volume on the Nasdaq. Shares hit a new 52-week high of $6.94 earlier, surpassing an old high of $6.92 from a year ago. Carrington shares have climbed from a 52-week low of $3.10 in September. Invitrogen said it was chosen by Carrington unit DelSite Biotechnologies Inc. to develop a process to make a cell-based bird flu antigen that can be incorporated into a nasal vaccine made by DelSite. Cell-based vaccines are intended to replace slower traditional vaccine manufacturing methods that use chicken eggs to incubate the product. Financial details of the agreement were not disclosed. Invitrogen shares were also helped by strong fourth-quarter earnings reported late Tuesday and an analyst upgrade. Leerink Swan upgraded Invitrogen to "Outperform" from "Market Perform," citing improved operating performance and growth in biology-based drugs, and set a price target of $80 to $84. Net income for the fourth quarter rose 63 percent to $49.6 million, or 87 cents per share, on revenue of $325.3 million, an increase of 24 percent. The company reported pro forma net income of $50.8 million, or 90 cents per share, compared with the consensus estimate of 88 cents per share from analysts surveyed by Thomson Financial. The company reiterated its 2006 pro forma earnings per share outlook of $3.90 to $4.10 on revenue of $1.33 billion to $1.36 billion. Leerink forecast earnings per share of $3.97 on revenue of $1.34 billion, while the consensus estimate is for earnings per share of $3.98 on revenue of $1.34 billion. biz.yahoo.com