Merrill ups Adolor to buy

Adolor Corp. was upgraded to buy with an $18 price target by Merrill Lynch analyst David Munno. The analyst estimates the stock is trading at about a 35% discount to the fair value for. Progenics' trial design in post operative ileus suggests a higher probability of approval for Adolor's Entereg in that indication and raises the probability of approval for Entereg across all other indications. Adolor met the primary endpoint being used in the MNTX trial. Shares of the Exton, Pa.-based biopharmaceutical company were up $1.53, or 11.50%, at $14.84. (Nasdaq: ADLR)

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