CIBC World Ups MedImmune to Sector Perform from Sector Underperform
CIBC World upgraded MedImmune (MEDI ) to sector perform from sector underperform.
Analyst Tariq Kassum cited the company's posting of positive results from a study showing that its treatment CAIV-T is superior to injectable flu vaccine in preventing culture-confirmed flu. Kassum says the results were a surprise, as he'd been concerned that the clinical trial was underpowered, based on a number of mismatched strains last season. Kassum says the news is clearly positive for the company as it removes doubts about the future viability of the CAIV-T/FluMist franchise. Kassum is still not enthusiastic about the stock's valuation, but he expects the stock to move in line with his universe in the future.