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Sep 15, 2008
 |  BioCentury  |  Analyst Picks & Changes

Analyst picks & changes

Analyst picks & changes

Company Bank Analyst Coverage Opinion Wk chg 9/12 cls
Adolor (NASDAQ:ADLR) Brean Murray Jonathan Aschoff Upgrade Buy (from hold) 15% $3.52
Aschoff set a $6 target. Because the stock is trading below cash, he thinks investors are overlooking the company's assets, including Entereg alvimopan, which is approved in the U.S. to treat postoperative ileus (POI) and is in Phase III testing to treat opioid bowel dysfunction (OBD) and irritable bowel syndrome (IBS). Partner GlaxoSmithKline (LSE:GSK; NYSE:GSK) has returned some rights for Entereg while keeping rights to the mu opioid receptor antagonist for POI, but Aschoff suggested this has been factored into the valuation (see BioCentury, Sept. 8).
Alpharma (NYSE:ALO) Jefferies David Windley Downgrade Hold (from buy) 6% $37.75
Windley downgraded after Alpharma rejected King's revised acquisition offer of $37 per share (see B2). While there's potential for price appreciation if Alpharma negotiates with King (NYSE:KG), which originally offered $33 per share, or if an interested third party emerges, he said the upside would be relatively small...

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