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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: SMALL FRY who wrote (24125)	2/3/1999 3:20:00 AM
From: Tomstocks	Read Replies (1) \| Respond to of 120523

Biomira stock jumps on analyst's report February 2, 1999 03:57 PM TORONTO, Feb 2 (Reuters) - The shares of Edmonton-based biotechnology company Biomira Inc. CA:BRA BIOMF jumped on Tuesday after a brokerage firm upgraded its recommendation. At noon, the shares of Biomira were up C$1.15, or 18.6 percent, to C$7.35, on volume of 977,000 shares. On the U.S.-based Nasdaq, the shares were up $5/8 to $4.25, on volume of 3.5 million shares. The sudden interest in the stock came after Merrill Lynch & Co. analyst Andre Uddin released a report yesterday upgrading Biomira's shares to intermediate-term buy and long-term accumulate. The Toronto-based analyst noted milestones in the development of its cancer treatments for the upgrade. "The company's lead cancer vaccine, Theratope for treating breast cancer, is in Phase 3 testing with partner Chiron. While we continue to believe that development of this vaccine is high-risk, the market size is large -- it could potentially generate several hundred million dollars in sales," Uddin wrote in the report. He noted that "Biomira has a cancer vaccine pipeline that is advancing," with Phase 1 testing completed for its cancer vaccine BLP-25 with results expected this quarter, and a second-generation vaccine for treating a type of lymphoma, expected to enter Phase 1 trials this year quarter as well. Uddin revised his 12-month target on the stock to C$10. The shares currently trade in a 52-week range of C$1.85 to C$11. Biomira spokesman Bill Wickson attributed the favorable stock action to the analyst's report, saying the company had nothing new to report.