JMP rates Alexza at market outperform

JMP Securities initiated coverage of Alexza Pharmaceuticals, Inc. with a market outperform rating and $12 price target. Alexza, an emerging pharmaceutical company, develops proprietary products for the treatment of acute and intermittent conditions. The company's pipeline leverages proven compounds, and JMP expects near-term catalysts in 2006 with milestones in multiple clinical programs. Shares of the Palo Alto, Calif., pharmaceutical company were up 9 cents, or 0.97%, at $9.34 on volume of 44,800 shares versus the three-month running average of 87,271 shares. (Nasdaq: ALXA)

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