Merrill reiterates New River at buy

New River Pharmaceuticals Inc. was reiterated at buy with a $47 price objective by Merrill Lynch analyst David Munno after a Food and Drug Administration committee recommended against the approval of Cephalon Inc.'s Sparlon, which the agency said likely removes Sparlon as a competitor to New River's attention deficit-hyperactivity disorder drug NRP104. Merrill also said NRP104 could have an advantage capturing market share because it is safer and more effective than currently available ADHD drugs and is less abusable. Shares of the Radford, Va.-based biopharmaceutical company were up 18 cents, or 0.59%, to $30.80 on volume of 459,754 shares versus the three-month running average of 250,751 shares. (Nasdaq: NRPH)

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