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RBC Captial Ups Trimeris to 'Outperform'

RBC Capital upgraded Trimeris (TRMS) to outperform from sector perform.

Analyst Todd Nelson says he's very encouraged by the news that Swiss drug maker Roche's HIV drug, T-20, lowered blood levels of the virus significantly more than a combination of drugs that did not include T-20.

Nelson thinks the FDA will look favorably upon this drug, and believes Trimeris -- which will market the drug in the U.S. -- and Roche remain on track with their T-20 New Drug Application. He also believes this data will support a NDA filing in the second half of 2002, and has the potential for late 2002 to early 2003 FDA approval.

Nelson sees $329.7 million in worldwide 2003 T-20 sales. He recommends the aggressive purchase of Trimeris today today on the positive clinical outcome. Nelso maintains his $54 target. He sees a $4.89 2002 loss, and a $1.49 2003 loss.

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