New River Pharma initiated by Merrill at buy

New River Pharmaceuticals Inc. was initiated by Merrill Lynch analyst David Munno at a buy rating with a price target of $49 per share. Radford, Va.-based New River uses its proprietary Carrierweave technology to design proprietary compounds, consisting of active pharmaceutical ingredients bound to adjuvants. Its three lead product candidates are NRP104, an amphetamine to treat attention-deficit hyperactivity disorder, a prodrug of hydrocodone to treat acute pain and NRP369, a prodrug of oxycodone to treat chronic pain. New River Pharma shares Thursday gained 95 cents, or 3.28%, to $29.93 on volume of 67,015 shares versus the three-month running average of 38,975.

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