Axcan kept at sell by Merrill

Axcan Pharma Inc. was maintained at its sell rating by Merrill Lynch analyst Hari Sambasivam. Merrill hosted a conference call with Dr. Richard Hunt of McMaster University in Hamilton, Ont., to answer investor questions following the failure of Axcan's international phase 3 trial for ITAX (itopride; prokinetic agent) in functional dyspepsia (FD). One point noted from the call is that the endpoints used for FD (e.g., Leeds Dyspepsia Questionnaire, Patient Global Assessment) are prone to varied outcomes, given their subjective nature. The analyst has removed ITAX from its pro forma income statement following the failure of the phase 3 trial. Shares of the Mont-Saint-Hilaire, Quebec, pharmaceutical company were up 24 cents, or 2.03%, at $12.13 on volume of 642,348 shares versus the three-month running average of 663,480 shares. (Nasdaq: AXCA)

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