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C. K. Cooper resumes coverage of healthcare

March 6, 2012 by · Leave a Comment 

C. K. Cooper has resumed coverage on the healthcare sector with an initiation of Dusa Pharmaceuticals (NASDAQ:DUSA).

“With the addition of Ken Trbovich in January of this year and, the re-initiation of healthcare, we are excited to bring our unique perspective back into this very dynamic space,” Cooper president Alexander Montano said in a statement.

In addition, C. K. Cooper dropped coverage of Arcadia Resources, Cantel Medical, DARA BioSciences, Enzon Pharmaceuticals, Hansen Medical, ICU Medical, IsoRay, Ligand Pharmaceuticals, Metropolitan Health Networks, PositiveID, PURE Bioscience, QLT, and Raptor Pharmaceutical.

In 1999, Mr. Trbovich moved to the sell-side to focus on healthcare research, eventually becoming part of the Denver-based team of analysts that built the healthcare franchise for C.E. Unterberg Towbin. Most recently, he spent five years as the U.S. specialty pharmaceutical analyst for RBC Capital Markets. While at RBC, Ken was recognized by both the Wall Street Journal (“Best on the Street”) and Forbes (“Best Analysts”) for his stock picking abilities in the pharmaceutical sector.

Mr. Trbovich began Dusa, which markets a photodynamic therapy to clinical dermatologists for the treatment of actinic keratosis, with a “buy” rating and target price of $8, which is roughly 12 times estimated non-GAAP earnings, or estimated cash earnings from operations, in 2013.

“We expect a blow-out fourth quarter benefiting from strong seasonal demand combined with stocking orders, resulting from the announced price increase during the fourth quarter, which took effect Jan. 1, 2012,” he said, adding that this should contribute to a “very strong finish to what we expect to be the second full year of profitability of Dusa.”

Mr. Trbovich explained that crossing over from losses to profits with a business model that builds on recurring revenues from a high-margin disposable product is an “important inflection point, the value of which we do not believe has been captured yet in Dusa’s share price.” The stock closed at $4.65 on Monday.

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