JMP reiterates ImClone at market outperform

ImClone Systems Inc. was reiterated at a market outperform rating with a $40 price target by JMP Securities analyst Charles C. Duncan after the company reported strong Erbitux sales in the third quarter. Third-quarter revenue was $106.5 million, above consensus of $103.8 million. JMP said it believes the long-term view for Erbitux is favorable based on possible continued penetration of the CRC market, as well as potential approval for head and neck cancer. Shares of the New York City biopharmaceutical company were down $0.06, or 0.18%, at $34.08 on volume of 1,652,681 shares versus the three-month running average of 1,408,990 shares.

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