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Jefferies reiterates NPS at buy, $16 target
NPS Pharmaceuticals Inc. was reiterated by Jefferies & Co. Inc. analyst Adam Walsh at a buy rating with a $16 price target as the company expects to approve Preos for vertebral fractures in the first quarter of 2006. The company reported a third-quarter loss of $0.95 per share versus Jefferies' estimate of $1.13 and consensus of $1.17. The upside was primarily due to increased revenue resulting from higher sales of Sensipar and a step-up in royalty rate due to the achievement of set cumulative annual sales thresholds, Jefferies said. Jefferies recommends investors build or add to NPS positions ahead of the expected Preos approval. Shares of the Salt Lake City drug discovery company were up $0.40, or 3.98%, at $10.44 on volume of 969,637 shares versus the three-month running average of 530,436 shares.
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