Dutton Associates Announces Investment Opinion: Avigen Speculative Buy Rating In Update Coverage By Dutton Associates
January 26 2007 - 12:15PM
Business Wire
Dutton Associates updates its coverage of Avigen (Nasdaq:AVGN)
maintaining a speculative buy rating and a $8.00 target price. The
10-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. On December 6, 2006,
Avigen announced the completion of a Phase I clinical trial for
AV650 and is on track to successfully, and in a relatively timely
manner, meet milestones for AV650 and its other product candidates
outlined in this report. 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 $35,000 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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