Jefferies puts Advanced Magnetics at buy

Advanced Magnetics, Inc. was given a buy rating by Jefferies & Co., Inc. analyst Adam Walsh. Jefferies views the outcome of the recent Data Monitoring Committee review of the phase 3 ferumoxytol trials as highly positive. The committee did not identify any safety concerns and recommended the phase 3 trials continue. As a result, Jefferies is raising its price target to $32 from $24. Shares of the Cambridge, Mass., superparamagnetic iron oxide nanoparticle company were up $5.16, or 0.65%, at $24.85 on volume of 307,300 shares versus the three-month running average of 82,140 shares. (Amex: AVM)

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