Citigroup reiterates Forest at buy

Forest Laboratories Inc. was reiterated by Citigroup Investment Research analyst Andrew Swanson at a buy as the Lexapro patent trial concludes. Forest presented four expert witnesses who supported its position on the validity of the '712 patent. The analyst noted that despite lengthy cross-examinations, Teva was unable to undermine the conclusions of Forest's key witnesses. Teva did reiterate that the interpretation of key efficacy data is impacted by the choice of statistical method. A decision in the case could be rendered by late June, and Citigroup is convinced the decision will favor Forest. Shares of the New York City pharmaceutical company were up $1.07, or 2.51%, at $43.62 on volume of 3,056,900 shares versus the three-month running average of 2,322,990 shares. (NYSE: FRX)

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