The NASDAQ common stock achieved our target price on 26 May 2009, closing at US$2.48. At current price levels, we believe the NASDAQ common stock is fairly priced. Consequently, we downgrade the NASDAQ common stock from a BUY to a HOLD. We will reassess our target price and rating in our next update report, once the company announces its 2Q 09 results. We are likely to revert to a 6-24 month investment horizon to value the Canadian stock, as we now anticipate a significant…

QLT’s 4Q 08 revenue growth was supported by robust sales of Eligard. However, Visudyne continued to demonstrate weak performance during the quarter. We believe Visudyne sales will continue to be negatively impacted, going forward, due to approval of alternative therapies in major markets. Going forward, we expect Eligard to continue to support revenue growth, as it continues to gain traction in major markets. In terms of Research and Development (R&D;); QLT is currently examining…

QLT Inc. (QLT) reported a y-o-y increase in revenues led by robust Eligard sales in 4Q 08. Results are not comparable with our estimates as we considered revenues from Eligard as income from discontinued operations, while QLT’s 4Q 08 and FY2008 results include Eligard’s revenue as income from continuous operations. Although QLT reported improved operating performance in 4Q 08, we remain concerned over QLT’s weak product pipeline…