Investors and Wall Street analysts will be keeping an eye on shares of Trimeris (TRMS) stock today as the company announces its first quarter earnings this morning at 10 a.m.

So the question remains, once investors learn that, according to a statement issued this morning, Trimeris is reporting a first quarter 2002 net loss of $17.7 million compared to a loss of $11.7 million during the same period last year, which way will the stock bounce?

Shares of Trimeris closed up $4.83 yesterday to close at $48.30. On April 18, shares of TRMS leaped $11.25 to close at $50.50 after the price left a new high water mark of $52.75 on news that results of testing on their drug known as T-20 were better than observer expectations.

T-20, used in conjunction with older HIV drugs, reduced the level of virus in patients’ blood compared to patients who were exclusively taking the older drugs. The net losses reported are due to the cost of developing T-20, and Trimeris is holding $93.7 million in cash, the statement says.

Also in April, Commerce Capital Markets analyst Edward Nash publicly stated he believes Trimeris will file for federal approval of T-20 during the third quarter of this year. He continues to rate TRMS a “strong buy,” which is typically the highest rating a stock can receive.

A live Web cast of Trimeris’ conference call is available at the company’s Web site.

Trimeris Web site: www.trimeris.com