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Out of the Gate: QLT climbs after RBC upgrades

By Associated Press
April 24, 2008 | Comments (0)

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Shares of QLT Inc. rose Thursday after an RBC Capital Markets analyst upgraded the drug maker, saying it is underpriced given a recent divestiture and positive developments for an acne drug.

Douglas Miehm raised QLT to "Outperform" from "Sector Perform" in a note to investors on Thursday and reiterated his $6 target price.

Miehm says the Vancouver, Canada, company has several "milestones" ahead in 2008, including a divestiture of its U.S. operations. In addition, the analyst said other developments, including a recent label change to its acne drug Aczone and recent asset sales, have not been factored into the share price.

QLT shares are up 12 cents, or 3.2 percent, to $3.92. The company is scheduled to report second-quarter earnings on Friday.

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