Wedbush Morgan Believes Levadex and Tempo Now Make MAP Pharmaceuticals (MAPP) an Acquisition Target

September 14, 2009 10:48 AM EDT

Wedbush Morgan maintains an Outperform rating on MAP Pharmaceuticals, Inc. (MAPP), raises price target by $1 to $17.

Wedbush analyst says, "We anticipate MAPP could trade-up to $12 near-term and is an acquisition target. We project MAPP to reach $12 or more by year-end due to investor appreciation of a potential best-in-class acute migraine treatment, cash runway through potential NDA filing, and Levadex partnership or MAPP acquisition potential. With initiation of the second Phase 3 trial in January 2010, we believe investors will continue to pay-up for MAPP and with an announcement of a partnership, we believe MAPP is likely to trade up to our current fair value of $17. With the potential liver toxicity for Merck’s (NYSE: MRK) remaining migraine treatment and the recent patent expiration for GlaxoSmithKline’s (NYSE: GSK) sumatriptan formulation, we believe Levadex for acute migraine and other potential applications for the Tempo inhaler could make MAPP an attractive acquisition target for big pharma."

To see more analyst ratings on MAPP Click Here.

MAP Pharmaceuticals, Inc., a development stage company, engages in developing drug candidates to treat local respiratory and treatable diseases primarily in the United States.

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