Shares in BTG jump more than 9 percent to 367 pence, the top performer on the FTSE 350 after the British specialist pharmaceutical group raises its full-year revenue guidance on strong demand for its antivenom and cancer drugs.
In an update ahead of its interim results due next month, the company says trading in the first half has been ahead of expectations, citing high summer demand for its snake antivenom CroFab and a strong debut for its cancer toxicity drug, Voraxaze, in the United States.
"It's the second time in the last three months that BTG raises its outlook. Not a lot of healthcare companies are doing that kind of thing," says Savvas Neophytou, an analyst at Panmure Gordon.
The broker raises its target price to 400 pence but maintains a "hold" recommendation, saying that the valuation "is probably on the rich side".
For more please click on Reuters messaging rm://email@example.com
Keywords: MARKETS EUROPE STOCKSNEWS