Indevus Pharmaceuticals initiated with "buy"

09/08/06 - Wedbush Morgan Securities

NEW YORK, September 8 (newratings.com) - Analyst Michael Higgins of Wedbush Morgan initiates coverage of Indevus Pharmaceuticals Inc (IDEV) with a "buy" rating. The 12-month target price is set to $9.

In a research note published yesterday, the analyst mentions that the company is likely to launch two "best in class" drugs, SANCTURA XR and NEBIDO in 2007 and 2008, respectively. The analyst expects these drugs to receive FDA approval, taking into account the fact that they are different formulations of drugs that have already been approved. NEBIDO is expected to generate a minimum of $200 million in revenues in 2011, Wedbush Morgan adds.