RBC rates Angiotech at outperform

Angiotech Pharmaceuticals Inc. was rated at outperform, speculative risk, and a $16 price target by RBC Capital Markets analyst Douglas Miehm after Boston Scientific announced preliminary sales numbers for its third quarter. Worldwide Taxus sales are estimated at $550 million to 580 million, below RBC's estimate of $614 million. RBC now estimates 2006 and 2007 total revenue to be $325 million and $391 million, respectively, down from previous estimates of $333 million and $420 million. Miehm keeps a positive longer term outlook for Angiotech. Shares of the Vancouver, B.C.-based medical technology company were down $1.17, or 11.17%, at $9.30. (Nasdaq: ANPI)

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