Citi Maintains 'Buy' Rating on Imclone Systems (IMCL), Increases Price Target
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Citi maintains 'Buy' rating on Imclone Systems (Nasdaq: IMCL), increases price target from $52 to $56.
Citi analyst says, "Our oncology survey suggests that Erbitux's market share in 1st-line lung cancer could reach 26% in 12 mos (vs. 4% now) and that Erbitux will be used earlier in colorectal cancer KRAS wild types. This could offset the sales erosion in KRAS mutants, but we do not model that in our estimates...Our sales estimates are now below consensus in 2008/09 (removed KRAS mutants) but see them as worse case scenario. Given stock sell off after ASCO, investors have likely already baked in these downward revisions. Our Erbitux estimates are above consensus in 2010+ and likely much higher than buy side expectations w/o any sales KRAS mutants in all cancers."
ImClone Systems Incorporated (ImClone) is a biopharmaceutical company that develops a portfolio of targeted biologic treatments designed to address the medical needs of patients with cancer.[SM]
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