Ondine Biopharma "buy," target price reduced

03/27/08 - Canaccord Adams

NEW YORK, March 27 (newratings.com) - Analysts at Canaccord Adams maintain their "buy" rating on Ondine Biopharma Corp (OBG). The target price has been reduced from C$2.42 to C$1.90.

In a research note published yesterday, the analysts mention that the company has posted its FY07 results broadly in-line with the estimates. The US approval and a robust launch of Ondine Biopharma’s Periowave photodisinfection system are expected in mid-2008, the analysts say. Canaccord Adams adds, however, that the company might need additional funding for the launch of Periowave in the US in 2008, given its current cash position, Canaccord Adams adds.