JMP reiterates Protein Design at outperform

Protein Design Labs Inc. was reiterated at market outperform with a $31 target price by JMP Securities analysts Charles C. Duncan and Anthony Ostrea after the company reported solid third-quarter results, including greater-than-expected product sales and royalty revenue. Loss per share was $0.11, versus JMP's $0.07 estimate, but JMP said Protein Design is still undervalued given its robust financial fundamentals and emerging pipeline. Shares of the Fremont, Calif.-based biotechnology company were down $1.27, or 4.62%, at $26.23 on volume of 4,524,446 shares versus the three-month running average of 1,868,930 shares.

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