NeoPharm reiterated at strong buy by JMP

NeoPharm, Inc. was reiterated at a strong buy rating with a $19 price target by JMP Securities analyst Charles C. Duncan. The resignation of the company's chief scientific officer should not impact NeoPharm's strategy. The company announced a cost rationalization program designed to reduce expenses and focus resources on the cintredekin besudotox (CBtox) program. JMP lowered its net loss estimates for 2006 to $1.24 from $1.42. Shares of the Lake Forest, Ill., biopharmaceutical company were down 21 cents, or 2.99%, at $6.81 on volume of 992,533 shares versus the three-month running average of 274,065 shares. (Nasdaq: NEOL)

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