Andrx Pharmaceuticals downgraded to "hold" - update

07/16/04 - A.G. Edwards & Sons

NEW YORK, July 16 (New Ratings) - Analysts at AG Edwards downgrade Andrx Pharmaceuticals (ADRX) to "hold."

In a research note published yesterday, the analysts mention that the company has an impressive product pipeline, with several products awaiting approval from the FDA. Following the approval of 16 generic and 2 branded products over the next 15 months, the company's revenues are expected to increase significantly, the analysts say. However, AG Edwards believes that the company's stock is fairly priced at present, considering the potential decline in the industry PE in 2005.