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RBC keeps Endo at outperform
Endo Pharmaceuticals Holdings Inc. was maintained by RBC Capital Markets analyst Ken Trbovich at outperform, above average risk. The analyst believes that Penwest's dispute proceedings under its agreement with Endo for development of Opana will be resolved well before product reaches profitability late next year. Penwest feels its bears no burden in the launch costs and should therefore begin receiving 25% to 30% of the net profit from Opana ER when Opana reaches profitability. Endo's interpretation is that such payments should not begin until the product achieves cumulative net profits, according to the analyst. Shares of the Chadds Ford, Pa.-based biopharmaceutical company were down 10 cents, or 0.30%, at $33.20 on volume of 716,795 shares versus the three-month running average of 1,200,670 shares. (Nasdaq: ENDP)
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