Jefferies keeps Albany Molecular at underperform

Albany Molecular Research , Inc. was maintained by Jefferies & Co. Inc. analyst David Windley at an underperform rating with a price target of $10. Uncertainties over Allegra royalties prompted management to withdraw guidance, contract revenue growth was sluggish and the outlicensed Bristol-Myers Squibb compounds are far from commercialization. Lack of a plan to replenish potential lost royalties while attempting to maintain satisfactory growth in a sluggish core business leads to the rating, Jefferies said. Shares of the Albany, N.Y.-based drug discovery company were down $0.51, or 3.72%, at $13.20 on volume of 249,823 versus the three-month running average of 341,503 shares.

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