Important note: Information in this article was accurate in 2005. The state of the art may have changed since the publication date.
Associated Press - December 19, 2005
Bear Stearns analyst Akhtar Samad upgraded the stock to Outperform from Peer Perform, and set a $20 price target on the stock, based on encouraging interim Phase II data for the company's HIV drug, TNX-355, which the company presented at the American Society for Microbiology's Interscience Conference on Antimicrobial Agents and Chemotherapy (ICAAC) in Washington D.C.
Samad speculated the drug could be launched in the U.S. around 2009, and "conservatively" estimated that by 2010, the company could see $182 million in U.S. sales and $45 million in European sales.
Banc of America Securities analyst Lei Zhong raised his price target on the stock to $25 from $18, and said he is more optimistic about the HIV drug's success.
"We now project 50 percent probability of success for this program from 30 percent previously," Zhong wrote in a research note.
Analysts polled by Thomson Financial expect the company to lose, on average, 2 cents per share for the fourth quarter on $11.67 million in revenue.
The stock, which has traded between $9.05 and $17.13 in the past year, was up 50 cents, or 3.12 percent, in premarket trading, from it's close at $15.70 on the Nasdaq Friday.
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