UPDATE: Bloom Burton Initiates Coverage on QLT

According to a research report published earlier today, Bloom Burton has initiated QLT

with a Buy rating and $10 PT. In the report, Bloom Burton commented, "We believe an investment in QLTI is suitable for investors who are willing to accept the risk of two early-stage development programs in ophthalmology that could both be in phase III trials by 2013. [QLT is a] well-capitalized company with an estimated $6.00 per share in cash plus contingent consideration from Eligard sales. We expect QLTI to be able to finance its development programs through to commercialization with no need to raise additional capital." QLT closed yesterday at $6.75.