Markets & Finance

Banc of America Cuts Biosite Rating

Banc of America downgraded Biosite Diagnostic (BSTE) to market perform from buy.

Analyst Ted Huber says the downgrade is based on the risk the company may lose access to antibody technology that is central to its Discovery and diagnostics business. He notes on Friday the company filed action against XOMA Ltd. seeking a court ruling that Biosites's three license agreements from XOMA remain valid. Huber says XOMA is seeking to renegotiate or terminate its license pacts with Biosite on the premise that Biosite is infringing on XOMA's patents.

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