Leerink Swann initiates coverage of Avanir at outperform

Avanir Pharmaceuticals coverage was initiated by Leerink Swann & Co. with an outperform rating. Avanir's Neurodex for the treatment of pseudobulbar affect (PBA), a condition characterized by uncontrollable laughing or crying at inappropriate times associated with neurological disorders, could be used on nearly half of patients with PBA, a market opportunity estimated at $250 million. Shares of the San Diego pharmaceutical company were up $0.19, or 6.71%, at $3.02 on volume of 1,519,400 shares versus the three-month running average of 442,915 shares.

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