Axcan dropped to neutral by Merrill

Axcan Pharma Inc. was downgraded to neutral from buy, Merrill Lynch analysts Hari Sambasivam, Michael Pollard and Mohamed Barrage said. The action was in response to delays with ITAX, Axcan's oral gastroprokinetic drug for upper gastrointestinal mobility, as well as continued weakness in its core business. Axcan shares Friday fell $2.33, or 15.97%, to $12.26 on volume of 4,783,838 shares versus the three-month running average of 188,991 shares.

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