Forest at sector perform by RBC

RBC Capital Markets analyst Douglas Miehm maintained Forest Laboratories Inc. at a sector perform, above average risk, rating, with a decreased price target of $51 from $54. Forest and Replidyne Inc. received a non-approvable letter from the Food and Drug Administration for faropenem. The FDA recommends further clinical studies for all indications, including possible superiority studies. It could take an additional two years minimally to complete the studies. RBC modified its model to no longer include faropenem, lowering its 2008 earnings per share to $3.06 from $3.09 and calendar 2007 and calendar 2008 earnings per share to $3.01 from $3.03 and $3.41 from $3.46, respectively. Shares of the New York City-based pharmaceutical company were down $2.93, or 5.89%, at $48.54. (NYSE: FRX)

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