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New River Pharma reiterated by Merrill at buy
New River Pharmaceuticals Inc. was reiterated by Merrill Lynch analyst David Munno at a buy rating with a price target on the stock of $49 per share, following news of stock trading plans by the chief executive officer and chief financial officer to boost liquidity. Based in Radford, Va., New River Pharma focuses on the development of versions of prescribed drugs using its proprietary Carrierwave technology. Its three lead candidates are a prodrug of amphetamine, a prodrug of hydrocodone to treat acute pain and a prodrug of oxycodone to treat chronic pain. New River Pharma shares Monday dropped 49 cents, or 1.63%, to $29.50 on volume of 13,142 shares versus the three-month running average of 40,061.
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