Cowen & Co: "Value will rise as new products reach the market and older ones gain traction."
Shares in biopharmaceutical company Omrix Biopharmaceuticals Ltd. (Nasdaq:OMRI) rose 6.5% on Friday, after Cowen & Co analyst Eli Kammerman rated the stock "Outperform",reports "AP". The company currently has a market cap of $530 million.
"AP" added that Kammerman also said that biosurgical product sales accounted for less than a quarter of Omrix's revenue in 2006, but he expects they will account for half its revenue in 2008. Omrix's blood clotting products will comprise a larger portion of its business in the coming year, making its growth more consistent and predictable. As a result, the stock will outperform the market by more than 50 percent over the next year to 18 months. The analyst also said that the "US Food and Drug Administration (FDA) will will soon clear Omrix's human thrombin, and approve its drug Evicel for a greater variety of uses," said "AP."
In a separate development, Omrix said today that it has completed patient enrollment in the Fibrin Patch Phase I clinical trial being conducted in Israel. The Fibrin Patch builds on the company's fibrin sealant and it is designed for the management and rapid control of mild to severe bleeding on active bleeding sites.
Published by Globes [online], Israel business news - www.globes.co.il - on July 1, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007