Biotechnology company Genzyme Corp. likely has the study data capable of garnering Food and Drug Administration and European regulatory approval of its cancer drug clofarabine, a Wachovia Capital Markets analyst said Thursday.
Analyst Aaron Reames said positive data from a little-known study, called AML-16, will likely be reported at the upcoming American Society of Clinical Oncology's annual meeting in June.
As of December, 872 patients were enrolled in the Phase II/Phase III study and necessary survival data could be available in 2009. He reaffirmed a "Outperform" rating with a price target range of $90 to $95.
Genzyme's key revenue drivers include the Gaucher disease drug Cerezyme and kidney disease treatments Renagel and Renvela. It is also developing Myozyme as a Pompe disease treatment, though that program has faced delays with the FDA because of manufacturing problems.
Meanwhile, Citi analyst Yaron Werber reaffirmed a "Hold" rating on shares and lowered his price target to $80 from $85, citing concerns over the company's exposure to fluctuations in foreign currency. The company and its peers have been benefiting from a weaker U.S. dollar, but if the trend reverses, Genzyme is more prone to a negative impact because of its lack of hedging.
Shares of Genzyme rose 9 cents to $70 in afternoon trading.
Terms & Conditions
RSS Headlines
Fool UK