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A woman wears protective clothing during a tour of one of the Ebola Centers in Harare, Zimbabwe, Tuesday, Sept. 23, 2014.Tsvangirayi Mukwazhi/The Associated Press

Investors in Tekmira Pharmaceuticals Corp. are benefiting from the advancement of its experimental Ebola therapy amid an outbreak in West Africa, and analysts believe other uses for its drug delivery technology will also move the stock higher over the long term.

Shares in Burnaby, B.C.-based Tekmira jumped as much as 30 per cent on Wednesday after the first case of the disease was diagnosed in the United States.

Analysts say Tekmira is the most advanced of the Ebola drug treatment companies with its proprietary lipid nanoparticle technology, which helps deliver drugs that aim to shut down genes responsible for certain diseases.

Tekmira shares, listed both on the Nasdaq and Toronto Stock Exchange, have swung dramatically over the past year as its experimental treatments for Ebola, hepatitis B and cancer have advanced. The stock is up more than 200 per cent year-over-year, outperforming the overall biotech industry.

The shares hit an all-time high of $31.48 (U.S.) on the Nasdaq in March – up 350 per cent from a low just below $7 at this time last year. The stock began to pick up again in recent weeks as cases of the Ebola virus intensified in Africa and Tekmira said its TKM-Ebola drug application was used to treat a few Ebola patients. The company also said last week that it was part of an international consortium working to fast-track clinical trials on a handful of experimental Ebola treatments.

Analysts say those are positive developments for the company, but that therapies it's developing to treat other diseases are also promising.

All six analysts that cover the stock have a "buy" recommendation. The consensus price target over the next year is $25.38.

"There is still tremendous upside to this stock," said David Novak, an analyst with Clarus Securities, who has a $22.50 target on Tekmira..

While it's a risky play, as many biotech stocks are, Mr. Novak likes that Tekmira has a number of different products as a fallback if one or two don't work out. In particular, he cited Tekmira's therapies for hepatitis B, entering clinical trials this year.

"It's truly an elegant scientific story and value proposition," he said.

Euro Pacific Canada analyst Douglas Loe has a $25.75 target on Tekmira, citing the company's product pipeline, partnerships with other biotech firms, as well as an agreement struck with Monsanto Co. earlier this year to use its delivery technology for agricultural uses.

"[There is] no denying that TKM-Ebola is Tekmira's highest-profile [therapy] by far, but the pipeline is deeper than that and so is our valuation," Mr. Loe said in a note.

Investors could still see gains from Tekmira's Ebola treatment if its safety and efficacy are proven and lead to stockpile orders in the United States, said RBC Securities analyst Michael Yee.

If they got recurring orders of between $75-million to $100-million, it could add about $5 to $10 to their share price, he said in a note.

Mr. Yee has a $25 target on the stock, which doesn't include the potential upside from the Ebola therapy. He said clinical trials for the Ebola therapy could start later this year, but cautions these programs are "inherently unpredictable."

Investors in Tekmira and most biotech stocks need to have a strong stomach, says Ron Meisels, a technical analyst and founder and president of Phases & Cycles Inc.

"If there is a major announcement, these types of stocks go, then profit-taking sets in," while there could be a major selloff if a therapy doesn't advance as expected, he said. "Volatility is the key word on a stock like this."

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