Markets & Finance

CIBC World Ups MedImmune to Sector Perform from Sector Underperform

CIBC World upgraded MedImmune (MEDI) to sector perform from sector underperform.

Analyst Tariq Kassum cited the company's posting of positive results from a study showing that its treatment CAIV-T is superior to injectable flu vaccine in preventing culture-confirmed flu. Kassum says the results were a surprise, as he'd been concerned that the clinical trial was underpowered, based on a number of mismatched strains last season. Kassum says the news is clearly positive for the company as it removes doubts about the future viability of the CAIV-T/FluMist franchise. Kassum is still not enthusiastic about the stock's valuation, but he expects the stock to move in line with his universe in the future.

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