QLT’s For Sale sign has Cormack analyst David Dean suggesting the drug developer’s assets are worth around $6 a share (U.S.) based on the sum of its parts.
His tally finds a range between $400-million, or $5.25 a share, and $700-million, or $9.25, adding that the “top end is unlikely” until the FDA removes a restrictive label on acne drug Aczone and QLT’s eye drug Visudyne turns around.
As a result, he upgraded the stock to “speculative buy” from “market perform,” boosting the price target to $6 from $4.
QLT has jumped $1.09 or 26 per cent to $4.91 on the Nasdaq Wednesday afternoon.
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