Jefferies puts CollaGenex at buy

CollaGenex Pharmaceuticals Inc. was rated at a buy and given a $16 price target by Jefferies & Co., Inc. analyst David Windley. Following a survey of 29 dermatologists, Jefferies rates the chances of Oracea receiving favorable Food and Drug Administration response on the PDUFA date quite high. The analyst surveyed dermatologists to understand how they currently treat rosacea, to get feedback on the likelihood of Oracea approval, and to gauge its acceptance as a new therapeutic option for rosacea. Shares of the Newton, Pa., pharmaceutical company were down 10 cents, or 0.73%, at $13.52 on volume of 64,525 shares versus the three-month running average of 106,516 shares. (Nasdaq: CGPI)

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