Brean Murray Ugprades Adolor Corp. (ADLR) to Buy
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Brean Murray ugprades Adolor Corp. (Nasdaq: ADLR) from Hold to Buy with a $6 price target, citing valuation.
The firm said, "Adolor shares have depreciated 50% from their annual high. With the stock currently trading below cash (market cap of $141 million and 2Q08 cash position of $161 million), we believe investors are completely overlooking the company's assets, including Entereg in the already approved POI indication, Entereg in its Phase 3-ready stage of clinical development for chronic opioid bowel dysfunction (OBD), the delta opioid agonist program in collaboration with Pfizer (one in Phase 2a and one in Phase 1), as well as the company's preclinical drug candidates, most notably other mu opioid receptor antagonists."
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