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Merrill drops Replidyne to neutral
Merrill Lynch analyst David Munno lowered Replidyne Inc. to a neutral rating from a buy on news of the non-approvable letter from the Food and Drug Administration for faropenem. The analyst cited three reasons for the downgrade: the need for placebo-controlled superiority studies, delaying approval for three years or more, the possibility that Forest Laboratories may renegotiate or cancel its contract with Replidyne and the lack of significant catalysts for the next two to three years. Shares of the Louisville, Ky.-based biopharmaceutical company were down $4.65, or 45.41%, at $5.59. (Nasdaq: RDYN)
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