Citing an expected strong launch of Nuedexta by Avanir Pharmaceuticals' (NASDAQ:AVNR) in February 2011, Canaccord things starting to take off for the company in the 2nd half of the year.
Canaccord said, "Reiterate rating and PT on good Nuedexta February 2011 launch and strong H2/11 commercial uptake. We think AVNR will drive strong PBA awareness and continue strong clinician/patient outreach. We predict strong Nuedexta launch in Feb. 2011 and good uptake starting H2/11. Our $10 target is based on a sum-of-the-parts analysis...Nuedexta sales force, commercial infrastructure in place, reimbursement and supply strategy being finalized...Doctors are conceptually aware of PBA, but may not recognize real world systems...Phase 2 trials in new indications in 2011; EMA meeting on track for mid-2011."
Canaccord Genuity maintains a "Buy" on Avanir Pharmaceuticals, which closed Monday at $4.05, up $0.06, or 1.50 percent. Canaccord has a price target on them of $10.
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