Dov down to sell by Merrill

Dov Pharmaceutical Inc. was downgraded to sell from neutral by Merrill Lynch analyst David Munno on news that the Food and Drug Administration issued a non-approvable letter for Neurocrine's indiplon long-acting capsules for sleep. Dov's royalty on indiplon sales of 3.5% was estimated to be worth $225 million or more; now it is estimated at closer to $25 million to $50 million. Shares of the Hackensack, N.J., pharmaceutical company were down $4.03, or 57.16%, at $3.02 on volume of 10,986,798 shares versus the three-month running average of 685,856 shares. (Nasdaq: DOVP)

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