Bear Stearns Ups OSI Pharmaceuticals Outlook

Analyst Akhtar Samad says the drugmaker reported positive cancer drug study results

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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