Indevus Pharmaceuticals "strong buy," target price raised - update

12/08/06 - JMP Securities

NEW YORK, December 8 (newratings.com) - Analyst Adam Cutler of JMP Securities reiterates his "strong buy" rating on Indevus Pharmaceuticals Inc (IDEV), while revising his estimates for the company. The target price has been raised from $10 to $12.
In a research note published yesterday, the analyst mentions that the company has reported its F4Q06 broadly in-line with expectations. Indevus Pharmaceuticals has indicated that it has out-licensed the aminocandin Phase-I product candidate. The EPS estimates for FY07, FY09 and FY10 have been raised from -$0.76 to -$0.68, from -$0.55 to -$0.35 and from $0.54 to $0.62, respectively, to reflect higher Sanctura XR-related royalties. The EPS estimate for FY08 has been reduced from -$0.70 to -$0.72.