Wachovia Downgrades CollaGenex (CGPI) to Market Perform
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Wachovia downgrades CollaGenex Pharmaceuticals (Nasdaq: CGPI) from Outperform to Market Perform and has a $16-$17 valuation range on the stock.
The firm's downgrade is related to CollaGenex being acquired by Galderma Pharma for $16.60 per share. Wachovia believes that "a substantially higher bid, while theoretically possible, is a long shot..."
CollaGenex Pharmaceuticals, Inc., a specialty pharmaceutical company, develops and markets proprietary medical therapies to the dermatology market.
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