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Yesterday, BioMarin Pharmaceutical Inc. (BMRN) said it started a mid-stage study of PEG-PAL for the treatment of phenylketonuria (PKU). The company expects initial results from the study in mid-2010. It is co-developing the candidate with Merck Serono (MRK).
The primary objective of the open-label, multi-center study, to be conducted in up to 35 patients, is to [...]
UPGRADES OmniVision OVTI AmTech Research Sell » Neutral Pier 1 Imports PIR Morgan Keegan Underperform » Mkt Perform SMSC SMSC Needham & Co Buy » Strong Buy Smart Modular Tech SMOD Needham & Co Hold » Buy Park Electrochem PKE Needham & Co Hold » Buy Petrobras Brasileiro PBR Citigroup Hold » Buy Darden Restaurants DRI Morgan Keegan Mkt Perform » Outperform RadioShack RSH Banc of America Sec Sell » Neutral Nationwide NFS Banc of America Sec Sell » Neutral CBRL Group CBRL Morgan Keegan Mkt Perform » Outperform Dot Hill Systems HILL Friedman Billings Mkt Perform » Outperform MasterCard MA Bear Stearns Peer Perform » Outperform Heartland Payment Systems HPY Robert W. Baird Neutral » Outperform Wynn Resorts WYNN UBS Sell » Neutral Buckeye Tech BKI UBS Sell » Buy Holly HOC UBS Neutral » Buy Hancock Holding HBHC Keefe Bruyette Mkt Perform » Outperform
DOWNGRADES Kinder Morgan Prtnrs KMP SMH Capital Buy » Neutral BB&T Corp BBT Fox Pitt In Line » Underperform Sterling Banc SBIB Fox Pitt Outperform » In Line FBR Capital Markets FBCM Jefferies & Co Buy » Hold Altus Pharma ALTU Collins Stewart Buy » Market Perform priceline.com PCLN Stifel Nicolaus Buy » Hold Orbitz OWW Stifel Nicolaus Buy » Hold Expedia EXPE Stifel Nicolaus Buy » Hold Hess HES Citigroup Buy » Hold VeraSun Energy VSE Friedman Billings Outperform » Mkt Perform Atlas America ATLS Friedman Billings Outperform » Mkt Perform Altus Pharma ALTU Wachovia Outperform » Mkt Perform LDK Solar LDK Piper Jaffray Neutral » Sell
UP
Electronic Clearing House, Inc.
(ECHO) Local.com Corp.
(LOCM) Oracle Corporation
(ORCL) Total System Services
(TSS) ConAgra Foods, Inc.
(CAG)
DOWN
Array BioPharma Inc.
(ARRY) LDK Solar Co., Ltd.
(LDK) Altus Pharmaceuticals Inc.
(ALTU) Qiao Xing Universal Telephone, Inc.
(XING) Healthways, Inc.
(HWAY)
MOST NOTEWORTHY: FreeSeas, Nektar, Altus Pharmaceuticals and AbitibiBowater were today's noteworthy initiations:
Cantor initiated shares of FreeSeas (NASDAQ: FREE) with a Buy rating and $10 target, as they expect the company to benefit from the continued strength in the dry bulk market.
JP Morgan resumed coverage of Nektar (NASDAQ: NKTR) with an Overweight rating, as they view weakness from the discontinuation of Exubera as a buying opportunity given the company's base royalty business and pipeline opportunities.
Altus Pharmaceuticals (NASDAQ: ALTU) was initiated with a Buy rating and $19 target at Jefferies. The firm expects news flow from the company's two lead products over the next 6-12 months that should act as catalysts.
AbitibiBowater (NYSE: ABH) was initiated with a Sell rating and $18 target at Banc of America, as they are cautious on newsprint trends; the firm recommends reducing existing positions.
OTHER INITIATIONS:
Caris initiated Collective Brands (NYSE: PSS) with an Average rating and $18 target and Under Armour (NYSE: UA) with an Above Average rating.
Stifel started shares of Patriot Coal (NYSE: PCX) with a Hold rating.
PetroChina (NYSE: PTR) was initiated with a Sell rating at Goldman.
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