Canaccord Adams Starts Pharmion (PHRM) at Buy
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Canaccord Adams initiates coverage on Pharmion (Nasdaq: PHRM) with a Buy rating and $40 price target.
Analyst David Bouchey said, "Concerns that competition could erode sales and cap the growth for Vidaza and Thalidomide have depressed the share price. We feel these concerns are overblown and believe that PHRM shares are undervalued as a result." Bouchey also said, "We think there is about 60% upside potential to the current share price as Pharmion hits the following anticipated milestones: FDA approval for an IV form of Vidaza in Q4/06 or Q1/07, an EU filing for Thalidomide in Q1/07, an EU filing for Satraplatin in Q1/07, survival study results for Vidaza in Q3/07 and an EU filing for Vidaza in Q4/07."
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