CIBC World reiterated its strong buy rating on QLT Inc. (QLTI) shares.
Analyst Matthew Geller says the pharmaceutical announced positive 24-month results in its Phase IIIb trial for Visudyne in patients with an occult form of wet age-related macular degeneration and in patients with pathological myopia. He says the data could triple the market for the drug.
Geller notes that management will meet soon with the FDA and the agency's European equivalent with regard to expanding drug labels to include occult disease. Geller says Visudyne will likely receive a 6-month priority review in the U.S. He believes the news will help calm investors' concerns about the size of the Visudyne market and will lift QLT's stock price.