Panacos reiterated at outperform by Bear Stearns

Panacos Pharmaceuticals Inc. was reiterated by Bear Stearns analyst Mark Schoenebaum at an outperform rating and a $14 price target. Shares have declined in value 18% since November and more than 40% since a recent high in August and Bear Stearns said it suspects profit-taking. Phase 2b data on PA-457 is key to the stock performance next year. With no change in the company's long-term outlook, Bear Stearns said it believes the stock represents an attractive long-term investment. Shares of the Watertown, Mass., biopharmaceutical company were up 6 cents, or 0.86%, at $7.06 on volume of 818,633 shares versus the three-month running average of 979,864 shares.

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