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Imclone upped to Buy from Hold at Smith Barney, tgt to $105 from $95 (72.49 )

Smith Barney upgrades ImClone to Buy from Hold following co's presentation (at ASCO) of landmark data from the Phase III study in head and neck cancer showing that radiation with Erbitux yielded statistically significant 93% improvement in median survival with superior locoregional tumor control. The firm's physician consultants believe that this data should file by year-end and the firm models approval in the 1H05. According to the Smith Barney, ImClone stands to receive $250 mln milestone payment from partner Bristol-Myers for approval.  Due to higher sales and amortization of milestone payment, the firm raises EPS projections to $3.10, $2.90, $3.00, and $3.40 from $2.00, $2.35, $2.40, and $2.65 in 2005-08, respectively.  Due to strong sales in colorectal cancer, analyst projects better-than-consensus EPS in 2004 ($1.60 vs. $1.30 in 2004).   ASCO Report: ImClone Wins, Millennium Surprises 6/5/04 2:01 PM ET Topic No. 2: ImClone's (IMCL:Nasdaq - commentary - research) Erbitux data in head and neck cancer. The study was a definite success. (Read my column for more details.) The investor worry coming into ASCO was that Erbitux would show positive trends in survival and the other endpoints, but wouldn't hit statistical significance. Well, put those worries aside. The study hit significance across its primary and secondary endpoints. ImClone takes top prize on Day One of ASCO -- everyone I spoke with was really impressed with the data.