Encouraging incremental data by Canadians at ASCO

Dundee Securities summed up some of the Canadian data presented at this year’s clinical oncology conference by AEterna Zentaris (NASDAQ:AEZS; TSX:AEZ), OncoGenex (NASDAQ:OGXI), Tekmira (TSX:TKM) and MethylGene (TSX:MYG) as “encouraging, but mainly incremental.” Nevertheless, analyst David Martin downgraded MethylGene to “neutral” from “buy,” without a price target. While he called data from the company’s MGCD265 [...]

Dundee reinstates buy on Cardiome

Reflecting new Phase 3 data from Cardiome Pharma (TSX:COM; NASDAQ:CRME) and Merck (NYSE:MRK) on Friday, Dundee Securities reinstated its “buy” rating on Cardiome, raising its 12-month price target to $10 from $8.  The stock closed at $8.24 on the TSX Friday. Analyst David Martin writes that he previously had the stock “under review,” pending the [...]

Analysts cut Labopharm price targets on marketing deal

After weighing the pros and cons of Labopharm’s joint venture marketing accord with Italy’s Gruppo Angelini, Dundee Securities and Versant Partners cut their price targets on “buy-rated” Labopharm (TSX: DDS; NASDAQ: DDSS), with Dundee moving the target down to $2.40 from $3 and Versant down to $2.50 from $3. Dundee analyst David Martin cited “increased [...]

Dundee moves OncoGenex to “buy”

Noting that OncoGenex (NASDAQ:OGXI) is trading at a substantial discount to comparable Phase 2 and 3 oncology companies, Dundee Securities upgraded the stock to “buy, speculative risk” from “neutral,” but maintained its 12-month price target of $25.40 (U.S.).  The stock finished at $20.38 on Thursday. Analyst David Martin writes that the stock remains below levels [...]

Protox trims size of private placement

Protox Therapeutics (TSX:PRX) has reduced the size of its planned private placement to about $6.5 million from $8 million through the sale of units priced at 45 cents each instead of 55 cents. Each unit consists of one common share of Protox and one-half of a warrant.  Each whole warrant will entitle the holder to [...]

Dundee biotech outlook sees ‘ample room for upside’

While we were at the J.P. Morgan Healthcare Conference in San Francisco last week, Dundee Securities issued its latest biotech sector update. On the bright side, analyst David Martin writes that there are signs Biovail, Angiotech and QLT stocks are bouncing back – supported by new strategies and new products in development for each company. [...]

Dundee starts SQI Diagnostics at buy

The FDA has cleared marketing of SQI Diagnostics’ automated SQiDworks Diagnostics Platform and its lead IgXPLEX assay panel for rheumatoid arthritis in the U.S., prompting Dundee Securities to initiate coverage of the stock with a “buy” rating and a 12-month price target of $6. SQI (TSX-V:SQD) touched a 52-week high of $2.65 in early trading [...]

Dundee ups Labopharm to buy

Citing a recent share pullback of 18% and an expected FDA approval of Labopharm’s Contramid trazodone, in mid-February, Dundee Securities upgraded the stock to “buy” from “neutral” but kept its 12-month price target at $2.50. Labopharm (TSX:DDS) finished trading at $1.68 on Friday. Analyst David Martin writes that trazodone has “unique attributes that will drive niche [...]

Patheon discussions with Lonza terminated

Lonza Group, a Swiss drugs industry supplier, has withdrawn a $460-million (U.S.) offer to acquire Mississauga-based contract drug manufacturer Patheon (TSX:PTI), citing the opposition of majority shareholder JLL Patheon Holdings, a U.S. private equity company. Earlier this year, Patheon rejected an unsolicited takeover bid from JLL, which holds a 57% stake in Patheon, as being [...]