Dutton Associates Announces Investment Opinion: Avigen Speculative Buy Rating in Update Coverage by Dutton Associates
September 19 2006 - 12:00PM
Business Wire
Dutton Associates updates its coverage of Avigen (Nasdaq:AVGN)
maintaining a speculative buy rating and an $8.00 target price. The
11-page report by Dutton senior analyst William R. Prather, R.Ph.,
M.D., is available at www.jmdutton.com as well as from First Call,
Bloomberg, Zacks, Reuters, Knobias, and other leading financial
portals. Avigen, Inc. is an early-stage biopharmaceutical company
whose business strategy to date has been unique. The Company has
licensed or otherwise patented compounds that already have a
clinical track record. The Company's lead products, AV650
(tolperisone) and AV411 (ibudilast), have seen significant
commercial experience internationally and we believe their safety
profile is already established. Since we initiated coverage on
Avigen in June 2006 we believe the Company has continued to make
progress with its product development and is on track to
successfully and, in a timely manner, meet milestones outlined in
our initial report and repeated in this text. We are, therefore,
continuing to assign a 12-month price target on the common stock of
$8.00 and an investment rating of Speculative Buy. About Dutton
Associates Dutton Associates is one of the largest independent
investment research firms in the U.S. Its 31 senior analysts are
primarily CFAs, and have expertise in many industries. Dutton
Associates provides continuing analyst coverage of over 140
enrolled companies, and its research, estimates, and ratings are
carried in all the major databases serving institutions and online
investors. The cost of enrollment in our one-year continuing
research program is US $39,500 prepaid for 4 Research Reports,
typically published quarterly, and requisite Research Notes. Dutton
Associates received $35,000 from the Company for 4 Research Reports
with coverage commencing on 6/12/2006. We do not accept payment of
our fees in company stock. Our principals and analysts are
prohibited from owning or trading in securities of covered
companies. The views expressed in this research report accurately
reflect the analyst's personal views about the subject securities
or issuer. Neither the analyst's compensation nor the compensation
received by us is in any way related to the specific ratings or
views contained in this research report or note. Please read full
disclosures and analyst background at www.jmdutton.com before
investing.
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