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USB Piper Ups Ilex Oncology to 'Outperform'

USB Piper upgraded Ilex Oncology (ILXO) to outperform from market perform.

Analyst Mark Shoenenbaum says his upgrade reflects increased confidence in growth prospects for Ilex's Campath treatment for chronic lymphocytic leukemia. He raised the second-quarter Campath sales estimate to $15.2 million, from $14 million, and upped the $59 million 2003 estimate to $61 million and sees $106 million for 2004.

Shoenenbaum says momentum for Campath is likely sustainable over the long term. He says beyond Campath, pipeline products should provide consistent news flow. Shoenenbaum believes the two most promising products are Clofarabine and ILX-651. He raised his $17 target to $23. He sees a $1.33 2003 loss, and a 50-cent 2004 loss.

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