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.