Stock News: Biosensors higher on hopes of securing CE Mark soon

Biosensors International Group, a maker of drug-eluting stents (DES), was higher amid hopes that it will soon secure a CE mark that will enable it to distribute its DES products in Europe, dealers said. UBS Investment Research said it is recommending Biosensors as a "buy 2" with a target price of 1.25 sgd per share as it believes the CE Mark approval will be out soon. "Our 'buy 2' call is based on likely receipt of CE approval by Bionsensors given that the company applied for this in April 2004. We believe about two years may be a reasonable time frame to get this approval," UBS said in a note to clients. Biosensors was up 0.055 sgd or 5.88 pct at 0.99 with 18.99 mln shares traded.