Merrill reiterates New River at buy

New River Pharmaceuticals Inc. was reiterated by Merrill Lynch analyst David Munno at a buy rating after the company announced it filed a New Drug Application with the FDA for NRP104 in pediatric attention deficit hyperactivity disorder. The timing was expected and could trigger a $50 million milestone payment from partner Shire within 60 days. Also, studies were presented that suggest NRP104 has a reduced abuse potential relative to other amphetamine-based drugs for ADHD. The company's second lead drug, Vicodin-derivative NRP290, is in a phase 1 /2 dose-ranging study and could become a multibillion-dollar drug. Shares of the Radford, Va., specialty pharmaceutical company were up 82 cents, or 1.68%, at $49.52 on volume of 114,142 shares versus the three-month running average of 90,307.0 shares.

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