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Biotech / Medical : Cor Therapeutics Inc. (CORR) -- Ignore unavailable to you. Want to Upgrade?

To: Robert Mayo who wrote (463)	5/28/1999 2:16:00 AM
From: SemiBull	Read Replies (1) \| Respond to of 712

Cor Therapeutics rises on presentation Company CEO declines comment on takeover speculation By Stephanie O'Brien, CBS MarketWatch Last Update: 4:54 PM ET May 27, 1999 NewsWatch NEW YORK (CBS.MW) -- A combination of an upbeat presentation to analysts and merger speculation helped boost biotechnology company Cor Therapeutics nearly 13 percent Thursday. Shares of the South San Francisco, Calif.-based biotech company (CORR: news, msgs) rose 1 21/32 to close at 14 7/8. The company bucked a broader market selloff that saw the The Dow Jones Industrial Average fall 235 points, or 2.2 percent. See Snapshot. "I don't know, [what prompted the stock's rise] other than that the company is beginning to hit its numbers," Cor chief executive Vaughn Kailian told CBS MarketWatch. Kailian said he told investors he was "comfortable" with Wall Street's estimates for Cor during a CIBC Oppenheimer-sponsored conference with investors on Wednesday. According to seven analysts surveyed by First Call, Cor is expected to lose 44 cents per share in the quarter and 96 cents in the 1999 fiscal year. Kailian said he's expecting Integrelin, the company's principal product, to generate $13 million to $14 million in revenue in the second quarter, up from $11.3 million in the first quarter. Unstable angina Integrelin, the company's principal product, is used for treating unstable angina and in heart surgery The company has made a shift from the research and development stage to the commercial stage, Kailian said. "Investors are starting to recognize that," he said. Cor has raised its profile recently and investors are beginning to take note of the company as they search for cheaper alternatives to large-cap biotech companies, analysts said. Cor's Integrelin is taking some market share from competing drugs, said Michael King, an analyst at BancBoston Robertson Stephens. The company is beginning to gain some recognition for Integrelin's potential growth, he said. Takeover talk There was speculation on Internet message boards that the company is a takeover target, though analysts said they weren't aware of any potential alliances. CIBC Oppenheimer analyst Matt Geller said "there may be some connection" between Wednesday's conference and Thursday's rise. Geller said he wasn't aware of any merger talks, though he said Cor is a "potential logical takeover" candidate. "I wouldn't rule it out," Geller said. Kailian declined to comment on whether the company was in merger talks with another party. "We never comment on speculation," he said.