Adolor "buy," target price raised

02/09/06 - WR Hambrecht & Co

NEW YORK, February 9 (newratings.com) - Analyst Patrick E Flanigan of WR Hambrecht maintains his "buy" rating on Adolor Corporation (ADLR). The target price has been raised from $21 to $24.

In a research note published yesterday, the analyst mentions that the recent positive Phase III data from the 314 study on Entereg for post-operative ileus (POI) reduces the regulatory risks for an anticipated approval of the drug by year-end 2006. According to the analyst, Adolor's new product opportunities going forward, such as the lidocaine patch for post-surgical incisional pain and the commencement of clinical testing for an opioid/alvimopan combination, are expected to lend upside to the estimates going fprwatd.