Advanced Magnetics at buy by Jefferies

Advanced Magnetics was rated at buy by Jefferies & Co., Inc. analyst Adam Walsh. Jefferies believes the sell-off created an attractive entry point for those feeling they had missed the Advanced Magnetics opportunity. The analyst attributes the selling to unfounded ferumoxytol safety concerns, profit taking and a tough biotech tape. Shares of the Cambridge, Mass., pharmaceutical products company were down $4.45, or 13.15%, at $29.40 on volume of 1,194,700 shares versus the three-month running average of 208,808 shares. (Amex: AVM)

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