JMP reiterates PDL at market outperform, ups price target

PDL BioPharmaceuticals Inc. was reiterated at market outperform by JMP Securities analyst Charles C. Duncan. JMP raised its price target to $35 from $33. The Food and Drug Administration voted to recommend reintroduction of Tysabri as a treatment for relapsing forms of multiple sclerosis, and the analyst believes the FDA will approve the drug by March 29. JMP raised its 2006 total revenue forecast to $425 million from $418 million, and its earnings-per-share forecast to $0.28 from $0.24. Shares of the Fremont, Calif., biopharmaceutical company were up 31 cents, or 0.98%, at $31.97 on volume of 1,332,844 shares versus the three-month running average of 1,516,180 shares. (Nasdaq: PDLI)

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