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Genitope Shares Rise on Analyst Upgrade


<<<(GTOP bombed a trial a few months ago - why would this analyst be so confident now ? - disclosure: I don't own it, and don't even know what indication this discusses below)>>>


Wednesday November 16, 4:41 pm ET
Genitope Shares Rise on Analyst Upgrade in Anticipation of Positive Study Results for Vaccine


NEW YORK (AP) -- Shares of Genitope Corp. jumped Wednesday after an analyst upgraded the biotech company on anticipated positive results from the company's mid-stage trial for a personalized cancer vaccine.

Genitope shares rose 44 cents, or 6.3 percent, to close at $7.46 on the Nasdaq, after earlier trading as high as $7.65. Shares have declined over the past year, from a 52-week high of $17.60 on Dec. 4, to a 52-week low of $5.90 on Oct. 19.

RBC Markets analyst Jason Kantor upgraded Genitope to "Outperform" from "Sector Perform," on confidence that promising Phase II trial results will transfer to an ongoing late-stage, or Phase III, clinical trial for the company's MyVax personalized cancer vaccine.

In a research note, Kantor said shares will likely trade higher up to the release of Phase III results in mid-2006. The analyst noted most of the 21 patients in the Phase II trial have had their cancer not progress for an average of 37.7 months, with 10 patients progression-free after 41 to 71 months.