RBC rates CollaGenex at outperform

RBC Capital Markets analyst Ken Trbovich gave CollaGenex Pharmaceuticals Inc. an outperform rating and a $16 price target on news that the company submitted additional information to the U.S. Patent and Trademark Office. The information relates to the company's application for use of sub-antimicrobial and non-antimicrobial tetracyclines for the treatment of acne and rosacea. The patent, originally scheduled to be issued on May 23, could now be delayed by 6 months or more. Shares of the Newtown, Pa., pharmaceutical company were down $1.25, or 10.02%, at $11.23 on volume of 217,250 shares versus the three-month running average of 117,027 shares. (Nasdaq: CGPI)

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