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Invitrogen Shares Climb 5.4 Percent on Strong Q4, Flu Deal, Stock Upgrade

NEW YORK, March 1 (GenomeWeb News) - Shares in Invitrogen were up $3.85, or 5.43 percent, at $74.78 in afternoon trade after the company reported strong fourth-quarter earnings, disclosed a deal to help develop a process for incorporating an avian H5 influenza antigen, and was upgraded by an investment bank.

 

Leerink Swann upgraded Invtrogen's stock to 'Outperform' from 'Market Perform' today.

 

Under the flu agreement, drug maker DelSite will use Invitrogen's PD-Direct platform to develop large-scale cGMP production of the vaccine.

 

Financial details of the deal were not released.

 

DelSite received a $6-million, three year biodefense grant from NIAID in December 2004.