Stock of Genzyme Corp. (NASDAQ:GENZ) climbed $2.63 onThursday, buoyed by a "buy" recommendation from ShearsonLehman Brothers analyst Teena Lerner.
The recommendation was among a spate of analyst statementsthat affected stock prices Thursday.
Cytogen Corp. (NASDAQ:CYTO) fell $1.88, closing at $14.88,after Merrill Lynch analyst Maureen McGann lowered her ratingto a "neutral" from "above average." McGann retained a long-term buy on the stock.
Martin Cleary, Cytogen's chief financial officer, said McGannpredicted that the company would become profitable in 1993, ayear later than her previous target. Cleary said the estimatewas in line with other analyst forecasts.
Merrill Lynch analyst Stuart Weisbrod has raised his rating onGenetics Institute Inc. to neutral from "below average" as aresult of a "bullish" analysts' conference call following GI'srelease of its second-quarter earnings, a companyspokeswoman said. GI's stock (NASDAQ:GENI) closed at $31.38,down 13 cents on Thursday.
Weisbrod lowered his rating on Alza Corp. to neutral fromabove average, citing a lack of FDA approvals, an Alzaspokeswoman said. Weisbrod lowered his 1991 earningsestimate from $1.10 to 95 cents. Alza's stock (AMEX:AZA)closed at $57.75, down $2 on Thursday.
Shearson Lehman analyst Juan Noble lowered his rating onCalifornia Biotechnology Inc. to neutral from above average.
Cal Bio said it contacted Noble regarding its concerns thatNoble was misreading the progress of its Phase II clinicaltrials of Auriculin to treat radiocontrast-induced kidneydamage and acute renal failure. Virginia Walker, vice presidentof finance, said both trials were on track and the companyplanned to begin Phase III trials in 1992. Noble wasunavailable for comment. Cal Bio stock (NASDAQ:CBIO) closedat $12.50, up 63 cents on Thursday.
-- Karen Bernstein BioWorld Staff
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