CollaGenex at buy by Jefferies

CollaGenex Pharmaceuticals Inc. was given a buy rating and a $16 price target by Jefferies & Co., Inc. analyst David Windley on expectations that the company will trade in a narrow range until there is news from the FDA on Oracea in late May. Jefferies' buy rating is due in part to the analyst's confidence in Oracea's approval. Jefferies lowered its earnings per share estimates for 2006 and 2007 based on management's 2006 guidance and projected higher operating expenses. Shares of the Newtown, Pa., pharmaceutical company were down 29 cents, or 2.19%, at $12.96 on volume of 154,109 shares versus the three-month running average of 98,995 shares. (Nasdaq: CGPI)

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