OSI Pharmaceuticals "outperform"

04/27/04 - Bear Stearns

NEW YORK, April 27 (New Ratings) - Analyst Akhtar Samad of Bear Stearns reiterates his "outperform" rating on OSI Pharmaceuticals (OSIP).

Shares of OSI Pharmaceuticals, a biotechnology company providing oncology drugs, are currently trading at $91.10.

According to Bear Stearns' research note published this morning, OSI Pharmaceuticals announced positive Phase III results for its lung cancer drug, Tarceva, this morning. The analyst mentions that Tarceva achieved statistical significance for the primary and secondary end points. The analyst expects the company to report the complete Phase III results of Tarceva during its annual meeting in June. OSI Pharmaceuticals and its partners are likely to submit the results for the FDA and European approval during the summer this year, the analyst adds.

Bear Stearns expects Tarceva to receive the FDA approval by the end of this year or in Q105. The forthcoming ASCO cancer meeting in June this year is likely to be a catalyst for the company's stock performance, the analyst adds.

The EPS estimate for 2004 is -$4.05.

Bear Stearns reiterates its "outperform" rating on OSI Pharmaceuticals.