Advanced Magnetics retained by Jefferies at buy

Advanced Magnetics Inc. was retained by Jefferies & Co. analyst Adam Walsh at a buy rating with a price target of $14 per share following second-quarter earnings. Jefferies said it continue to view the iron replacement treatment for kidney and renal disease Ferumoxytol as a primary value driver for the stock with phase III data expected in third or fourth quarter, followed by a New Drug Application in mid-2006 and approval and launch in the first half of 2007. Advanced Magnetics shares Wednesday gained $0.26, or 2.35%, to $11.33 on volume of 11,500 shares versus the three-month running average of 22,979.7 shares.

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