Jefferies rates NPS at buy

NPS Pharmaceuticals Inc. was given a buy rating and a $16 price target by Jefferies & Co., Inc. analyst Adam Walsh. Jefferies views the Preos approvable letter as a disappointment, as the analyst expected outright approval. The steep 38% sell-off on the news as an over-reaction. The buy rating and price target are pending regulatory clarity on Preos. The Food and Drug Administration requested additional clinical information regarding hypercalcemia associated with the proposed daily dose of Preos and additional information about the reliability of the injection device. Shares of the Salt Lake City pharmaceutical company were up 58 cents, or 6.61%, at $9.35 on volume of 6,468,572 shares versus the three-month running average of 766,207 shares. (Nasdaq: NPSP)

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