Citigroup initiates Andrx at hold

Andrx Corp. coverage was initiated by Citigroup Investment Research analyst Andrew Swanson at a hold/speculative rating. Andrx's ability to formulate controlled-release products positions it in less competitive markets that offer stable pricing. Its pipeline is strong and includes Concerta and Toprol XL. But, it is not clear that Andrx will be able launch these products in the near-term as manufacturing woes persist, Citigroup said. Shares of the Davie, Fla., generics pharmaceutical company were unchanged at $17.85 on volume of 702,677 shares versus the three-month running average of 942,806 shares.

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