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BMO Nesbitt Cuts QLT to Market Perform

BMO Nesbitt downgraded QLT Inc. (QLTI) to market perform from outperform.

Analyst Christine Charette downgraded QLT because she doesn't see any potential triggers in the short term or any news that would dissipate concerns regarding a potential threat to its Visudyne anti-blindness drug from rival drug Macugen. She notes an FDA advisory committee met Friday to review Macugen, but failed to raise any serious issues regarding Macugen. As such, she doesn't think Macugen, which is being developed by Eyetech Pharmaceuticals, is a threat to Visudyne, but she thinks concerns about Macugen's potential impact on Visudyne will linger until these two products face off in the market.

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