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Bear Stearns Ups OSI Pharmaceuticals Outlook

Bear Stearns raised its estimates on OSI Pharmaceuticals (OSIP)

Analyst Akhtar Samad says the most important piece of the positive data released on OSI and Genentech's products is the Phase I study of Tarceva +/- temozolomide in brain cancer, and the Phase I/II study of Tarceva with Avastin in non-small cell lung cancer. He notes 8 partial responders out of 49 patients (16%) with 3 minor responders, 11 with stable disease; Samad says this is highly encouraging, given the low 6% response seen with existing treatments.

Samad notes a 25% response rate in the Phase I/II study of Tarceva + Avastin in non-small cell lung cancer. He narrowed his $3.43 fiscal 2003 (Sep.) loss estimate to a $3.35 loss. He also raised his $28 target to $33.

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