RBC rates ISTA at sector perform

ISTA Pharmaceuticals, Inc. was given a sector perform, speculative risk, rating and a $7 price target by RBC Capital Markets analyst Douglas Miehm on news of the company's definitive agreement to issue $40 million of senior subordinated convertible notes. The proceeds will be used to fund pipeline development and for a combination product launch. Shares of the Irvine, Calif.-based pharmaceutical company were down 14 cents, or 2.21%, at $6.20 on volume of 84,115 shares versus the three-month running average of 88,492 shares. (Nasdaq: ISTA)

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