Dov downgraded to neutral by Merrill

Dov Pharmaceutical Inc. was downgraded to neutral from a buy rating by Merrill Lynch analyst David Munno after the company reported that bicifadine for chronic lower back pain failed to show a statistically significant benefit over a placebo in the phase 3 study. Merrill estimates a fair value of $10 to $13 for Dov based on a lower probability of bicifadine success. Shares of the Hackensack, N.J., pharmaceutical company were down $6.19, or 42.14%, at $8.50 on volume of 9,912,443 shares versus the three-month running average of 492,481 shares. (Nasdaq: DOVP)

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