Connetics at outperform by RBC

RBC Capital Markets analyst Ken Trbovich rated Connetics Corp. at outperform, speculative risk, as 2008 noteholders agree to modified covenants and the company plans to restate about $11 million. RBC also increased its price target to $12 from $10. Patient investors could see value longer term with shares returning to the $12 to $15 range over the next six to 12 months. Future increases in valuation will depend on a number of developments including stabilization of prescription trends for Olux, Luxiq and Soriatane. Shares of the Palo Alto, Calif.-based specialty pharmaceutical company were down 29 cents, or 3.10%, at $9.07 on volume of 1,286,956 shares versus the three-month running average of 821,020 shares. (Nasdaq: CNCT)

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