Cephalon maintains neutral rating from Merrill

Merrill Lynch analyst Gregg Gilbert kept Cephalon, Inc. at neutral on the upcoming FEBT action date of June 30. FEBT is a follow-on pain drug Actiq, which is responsible for about one-third of Cephalon's sales. Removing FEBT from its model, which includes a not approvable letter or approvable letter that needs work, the stock could trade down to the $34 to $37 range, according to Merrill. Shares of the Frazer, Pa.-based pharmaceutical company were down $1.36, or 2.49%, at $53.29 on volume of 1,799,421 shares versus the three-month running average of 2,589,710 shares. (Nasdaq: CEPH)

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