Axcan rated at neutral by Merrill

Merrill Lynch analyst Hari Sambasivam rated Axcan Pharma Inc. at neutral on news of the company's third-quarter revenues of $76.7 million, significantly above Merrill's estimate of $67.8 million. The difference is attributed in part to strong product sales in the United States and research and development expenses of $25.3 million. Axcan's core GI business is a valuable asset given its niche focus, and a sales force that targets high prescribing GI specialists in North America, according to the analyst. Shares of the Mont-Saint-Hilaire, Quebec-based pharmaceutical company were up 56 cents, or 4.33%, at $13.50, on volume of 389,468 shares versus the three-month running average of 143,557 shares. (Nasdaq: AXCA)

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