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10:20GMT 25 November 2008-ImmuPharma leaps on option deal
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Shares in British-based ImmuPharma LLC rise 33 percent after it
signs a $15 million option agreement with American biopharmaceutical firm
Cephalon for a key drug.
ImmuPharma says it will receive a one-time fee, and milestone payments up to
$500 million if current phase IIb trials are successful and Cephalon exercises
the option.
"If the data are positive and the option is exercised, they shouldnt really
have any need to go back to the market, they should have enough money to run
their internal programmes thereafter," says Jacob Plieth at Edison Investment
Research.
Analysts at Panmure raise their price target on the stock to 234 pence from
194 pence.
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10:15GMT 25Nov2008-Delek Global Real Estate up after Q3 results
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Shares in Delek Global Real Estate gain 11.7 percent as the real
estate investor reports an attributable net asset value of 274 pence per share
for the three months ended 30 September 2008, up from 246 pence in the same
period last year.
"We believe that Delek has produced a decent performance against a backdrop
of difficult market conditions," says Panmure Gordon in a note, maintaining its
"buy" recommendation on the stock.
The broker says that, in its opinion, Delek operates a high quality
portfolio of assets.
"Occupancy levels are very high at 98.8 percent, leases have an average
maturity of 15.2 years, 97 percent of the group's debt is fixed or hedged at 5.6
years, and the average maturity of that debt is 7.2 years," says Panmure.
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09:59GMT 25Nov2008-Gooch and Housego down as FY profits fall
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Shares in optical components maker Gooch and Housego fall 5 percent
as the company reports a 21 percent fall in pretax profits.
"We prefer to adopt a cautious stance given that the outlook is so uncertain
for those serving industrial markets," says Chris Dyett, an analyst at house
broker Investec, adding that the numbers were broadly in line with his
forecasts, although sales missed targets.
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09:53GMT 25Nov2008-Intec Telecom up on FY figs; Panmure "buy"
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Shares in Intec Telecom Systems climb 10.7 percent after the
supplier of billing and operations support systems reports a 52 percent rise in
adjusted pretax profit for the full year 2008 and gives a bullish outlook,
prompting Panmure Gordon to up its recommendation to "buy" from "hold".
Panmure also upgrades its EPS forecasts for 2009 to 3.3 pence from 2.9 pence
and lifts its target price to 41 pence from 36 pence.
The broker says the numbers were the company's "best ever" results, as
"better sales combined with cost reduction fed through to better profitability
and importantly better cash."
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09:51GMT 25Nov2008-Bango falls as interims disappoint
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Shares in Bango lose 8 percent following disappointing first half
results from the mobile web technology company, prompting Panmure Gordon to cut
its forecasts.
"Impacted by first-quarter weakness in the UK, the interim results are short
of our expectations and drive downgrades to full-year estimates," says analyst
Nick James, who cuts his full year 2009 EPS forecast by 0.49 percent to 2.01
pence, and reiterates his "hold" stance.
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09:46GMT 25Nov2008-MorphoSys rises; gets U.S patent covering key antibody
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Shares in German biotechnology firm MorphoSys rise 4.5 percent,
one of the top performers on Germany's tech index, after the company
says the U.S. Patent and Trademark Office will issue a patent covering the use
of antibodies against GM-CSF, a mediator of inflammatory diseases.
GM-CSF is a target molecule for the company's genetically engineered
antibody MOR103, an experimental rheumatoid arthritis treatment.
MorphoSys last year bought the rights to use the patent from the University
of Melbourne to advance the development of MOR103.
"Today's news strengthens MorphoSys' intellectual property position on its
proprietary lead development programme MOR103. Considering it from a 'big
pharma' point of view, the programme should look more attractive for a
partnership," says Equinet analyst Martin Possienke, keeping his "buy" rating
and a target price of 80 euros a share.
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09:44GMT 25Nov2008-Deceuninck continues slide over cash call
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Shares in Belgian PVC window frame maker Deceuninck continue their
slide a day after company announces plans for a rights issue and cuts its
full-year forecast to a net loss.
The shares drop by as much as 13.6 percent to 4.05 euros, just short of
record low of 4.00 euros hit on October 16, and is the weakest Belgian stock.
The shares closed down 9.8 percent on Monday.
"Analysts have now slashed their numbers accordingly," said one
Brussels-based trader. "There's already thoughts on when and at what price the
capital increase should be."
Anheuser-Busch InBev launched a rights issue on Tuesday at a
discount of some 70 percent.
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09:37GMT 25Nov2008--Sacyr,Repsol down on Lukoil deal doubts
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Shares in Repsol fall 3.3 percent and Sacyr shares lose
10.8 percent amid doubts over the chances of LUKOIL acquiring Sacyr's 20 percent
stake in Repsol, with financing and political issues coming to the fore.
Spain's Interior Minister Alfredo Rubalcaba becomes the latest member of the
government to cast doubts on a possible deal adding to comments by the Prime
Minister and Deputy Prime minister last week.
Spanish financial daily Cinco Dias says LUKOIL is not prepared to provide
any collateral against possible financing for the share purchase other than the
shares themselves, which creditor banks will not accept.
"LUKOIL's proposed purchase of a 30 percent stake in Repsol is starting to
look messy, with local media reporting that LUKOIL refuses to put up guarantees
other than the actual shares themselves," a Madrid based equities analyst said.
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09:28GMT 25Nov2008-Clinton Cards drops as sales weaken
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Shares in Clinton Cards drops over 4 percent as the retailer says
group like-for-like sales for the 16 weeks to Nov. 16 fall 6 percent, comprising
declines in the Clinton and Birthdays brands of 7.1 percent and 2.5 percent
respectively.
Altium Securities changes its sales forecasts to assume that the declines at
its Clinton and Birthdays brands continue for the rest of the year.
For the year to July 2009, Altium's sales estimates fall to 437.3 million
pounds from 443.7 million pounds, and for the year to July 2010 they drop to
432.5 million pounds from 438.8 million pounds.
The broker slashes its price target to 2 pence from 9 pence, and keeps its
"sell" recommendation.
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