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Pacific Growth Keeps 'Overweight' on Corixa

Pacific Growth keeps its overweight rating on Corixa (CRXA).

Analyst Thomas Dietz says with the FDA approving Corixa's Bexxar drug on Monday, success in Phase IV trials for Bexxar is not required for the drug to remain on the market. Dietz says Corixa indicated it will get a milestone payment from GlaxoSmithKline as a result of the approval. He thinks Bexxar has the opportunity to be proven as a potential first-line therapy for non-Hodgkin's lymphoma -- potentially doubling the size of Corixa's market.

Dietz also thinks the Bexxar approval will lead to Wall Street paying closer attention to Corixa's promising pipeline. This includes treatments for cancer, autoimmune vaccines and their adjuvants, as well as research with molecules known as AGP that create compounds to ward off infections. He sees a $1.29 2003 per-share loss.

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