Biomira Inc. shares gained $1.63, closing at $25, afterSoundView Financial analyst Larry Bloom raised his earningsestimates on the developer of cancer therapeutics anddiagnostics.
After meeting with the Edmonton, Alberta, company(NASDAQ:BIOMF) last week, Bloom said Monday that Biomira isfocused on moving its breast and colorectal cancer vaccines tomarket as quickly as possible. Both are moving into Phase IItrials this quarter.
The company will also move ahead with Phase II trials of itsTru-Scint radioimmunoimaging agents for adenocarcinoma andsquamous cell carcinoma, Bloom said.
Focusing on those programs will lead to earlier marketingapprovals, and thus a faster revenue stream, said Bloom. Heraised his estimate of fiscal 1994 earnings to $3.46 per sharefrom $2.93, and his fiscal 1995 estimate to $8.12 from $6.52.
Bloom also reiterated his "buy" rating and raised his short-termprice target to $38 from $30.
In December, Biomira raised $44 million in a secondaryoffering of 4 million shares at $11. -- KB
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