Strong Buy of the Month Update - EYET
Since recommending Eyetech Pharmaceuticals (NASDAQ:EYET) only 2 weeks ago on July 18th, the stock has enjoyed an 15% bounce. Last week, the drugmaker said its second-quarter net loss narrowed to $7 million, or 16 cents a share, from a loss of $31 million, or 77 cents a share, a year ago. Sales more than quadrupled to $57 million from $12 million a year ago, as revenue of main product Macugen reached $50 million, up from $25 million in the first quarter.
More importantly, the hype appears to be slowing for Genentech's (NYSE:DNA) rival drug Lucentis. Rumors of deaths during trials of Lucentis buoyed EYET's gains last week. Already more than 2 years away from being on the market, if true, this news may delay the approval process even more. And today, the stock is up to $12.98 (at post time) on buyout rumors. Although nothing official has yet been released, Pfizer (NYSE:PFE) appears to be the obvious suitor.