Jefferies keeps Advanced Magnetics at buy

Advanced Magnetics, Inc. was kept at a buy rating and $42 price target by Jefferies & Co., Inc. analyst Adam Walsh following the company's reported third-quarter loss per share of $0.57, 10 cents below the analyst's estimate and 5 cents below Street consensus. Advanced Magnetics' cash and cash equivalents totaled $48 million at June 30, which should be sufficient to launch ferumoxytol, according to the analyst. Shares of the Cambridge, Mass.-based pharmaceutical products company were down 57 cents, or 1.76%, at $31.75 on volume of 52,724 shares versus the three-month running average of 2,989,800 shares. (Nasdaq: CGPI)

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