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Biotech / Medical : QLT PhotoTherapeutics (QLTI) -- Ignore unavailable to you. Want to Upgrade?

To: Garth Richmond who wrote (357)	12/21/1998 9:05:00 PM
From: Ian@SI	Read Replies (1) \| Respond to 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.