Jefferies Maintains a 'Buy' on Salix Pharmaceuticals (SLXP); Accumulate on Weakness

Jefferies maintains a 'Buy' on Salix Pharmaceuticals (NASDAQ: SLXP) price target of $63.00.

Analyst, Corey Davis, said, "Late Fri. Salix surprisingly got a Complete Response Letter from FDA on SubQ Relistor's expanded indication - instead of the expected approval. Salix isn't saying exactly what's needed but it'll require additional clinical work. We think the same would apply for oral Relistor and hence expect the stock to be down >10%. But since EPS for 2012 and 2013 would go up substantially, and Relistor won't be dead, we're buyers on weakness."

For an analyst ratings summary and ratings history on Salix Pharmaceuticals click here. For more ratings news on Salix Pharmaceuticals click here.

Shares of Salix Pharmaceuticals closed at $53.19 yesterday.

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