Antares upgraded to strong buy by Dawson

Antares Pharma Inc. was upgraded to a strong buy and reiterated at a $4 price target by Dawson James Securities analyst Stephen M. Dunn. The analyst's upgrade report cites the Food and Drug Administration approval for Bio-E-Gel expected in the fourth quarter by Biosante Pharmaceuticals, Antares' development partner. Antares intends to file an Investigational New Drug application with the FDA for AP-1081, a contraceptive gel formulation of Johnson & Johnson's (NYSE: JNJ) Ortho-McNeil Ortho EVRA patch. The IND is expected to be filed in the first half of this year. Dawson believes Antares' AP-1081 gel bioavailability curve is significantly different from the patch and could capture a significant portion of the non-pill market. Shares of the Exton, Pa., pharmaceutical company were up 14 cents, or 10.01%, at $1.55 on volume of 1,216,800 shares versus the three-month running average of 263,787 shares. (Amex: AIS)

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