Jefferies maintains Albany Molecular at market underperform

Albany Molecular Research, Inc. was maintained by Jefferies & Co. Inc. analyst David Windley at a market underperform rating after the company announced its first product licensing deal, signing over the rights to its amine reuptake inhibitor product to Bristol Myers Squibb for $8 million upfront and $66 million per compound for further development milestones. Jefferies said this deal is positive though very long term. Shares of the Albany, N.Y.-based drug discovery company were up $0.64, or 4.99%, at $13.46 on volume of 275,092 shares versus the three-month running average of 324,005 shares.

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