JMP upgrades Oscient to strong buy

Oscient Pharmaceuticals Corp. was upgraded to strong buy from market outperform, with a maintained price target $3.50 by JMP Securities analyst Adam Cutler. The company acquired the cardiovascular drug Antara for $78 million from Reliant Pharmaceuticals. JMP forecasts 2006 Antara revenue of $17 million and $72 million in 2007. Shares of the Waltham, Mass.-based biopharmaceutical company were up 11 cents, or 16.92%, at $0.76 on volume of 2,501,506 shares versus the three-month running average of 433,131 shares. (Nasdaq: OSCI)

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