Merrill reiterates New River at buy

New River Pharmaceuticals Inc. was reiterated by Merrill Lynch analyst David Munno at a buy following the company's release of non-eventful financial results. According to the analyst, New River remains a top biotech pick and there is a high probability that NRP104 will be approved on or around the Oct. 6 PDUFA date. As a result, Shire will transition all of its patients from Adderall XR to NRP104. The analyst also noted New River pipeline catalysts including an upcoming end of phase 2 meeting on NRP290 and a potential partnership with a large pharmaceutical company. Shares of the Radford, Va.-based pharmaceutical company were down 38 cents, or 1.63%, at $22.98, on volume of 339,558 shares versus the three-month running average of 328,643 shares. (Nasdaq: NRPH)

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