Biovail gets outperform rating from RBC

RBC Capital Markets analyst Douglas Miehm rated Biovail Corp. at outperform, above average risk, and a $22 price target after the company reported second-quarter earnings per share of $0.50, compared to the analyst's estimate of $0.43 and the consensus estimate of $0.46. Company strengths include Wellbutrin XL and Legacy products, according to the analyst. Ultram ER revenues were lower than initial estimates due to a weaker-than-anticipated launch and a product recall. Shares of the Mississauga, Ont.-based pharmaceutical company were down 14 cents, or 0.87%, at $15.92, on volume of 1,770,800 shares versus the three-month running average of 1,010,180 shares. (NYSE: BVF)

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