ST Robinson Humphrey reiterated its neutral rating on ImClone Systems (IMCL)
Analyst David Witzke says IMS Health today reported $25.4 million in July sales for ImClone's cancer drug Erbitux, vs. $30.1 million for June. He notes Erbitux sales rose slightly on a weekly basis to $6.34 million in July, vs. $6.15 million in May and $6.02 million in June.
But with some analysts expecting third-quarter U.S. Erbitux sales of $85 million to $95 million, vs. $71 million in the second quarter, he says he's concerned investors may be disappointed if sales fall below these estimates. He thinks it will require demonstration of strong Erbitux sales growth before ImClone's stock recovers to former levels.
Witzke sees $76 milllion in third-quarter Erbitux sales and $243 million in 2004 sales. He has a $66 target.