New Drugs Hurt BioChem Shares

Important note: Information in this article was accurate in 1995. The state of the art may have changed since the publication date.

New Drugs Hurt BioChem Shares

Toronto Globe and Mail (12/19/95) P. B13
Northfield, Stephen

Within the past few weeks, both Canadian and U.S. health authorities have granted approval to 3TC, an AIDS drug discovered by BioChem Pharma Inc. and co-developed with Glaxo Wellcome, but BioChem stock has dropped. The company says it cannot explain the sudden dip in share price, but analysts blame several factors, including competing AIDS therapies and the fact that the share price had already jumped on the promise of approval. Reijer Lenstra of Smith Barney Inc. dropped his rating of the company to "neutral" after the stock hit a target price of $40. Shekhar Basu of Punk Zeigel & Knoell, however, rates BioChem a "buy" and advises investors to take advantage of the currently low price to load up on the stock.

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