NPS keeps market outperform rating from JMP

NPS Pharmaceuticals, Inc. was reiterated at market outperform by JMP Securities analyst Charles C. Duncan. JMP lowered its price target to $15 from $22. While NPS received an approvable letter for Preos from the Food and Drug Administration, its requirement for additional data on hypercalcemia makes launch timing uncertain. JMP expects a PDUFA extension. The analyst estimates 2006 revenue at $29 million, down from $61 million previously projected. Shares of the Salt Lake City pharmaceutical company were down 22 cents, or 2.35%, at $9.13 on volume of 4,572,056 shares versus the three-month running average of 864,638 shares. (Nasdaq: NPSP)

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