Merrill keeps Axcan at neutral

Axcan Pharma Inc. was retained at a neutral rating by Merrill Lynch analyst Hari Sambasivam on pending data from two phase 3 trials for ITAX, a prokinetic agent. Merrill views ITAX as a major product opportunity, potentially the most important driver of Axcan's revenues and earnings in the near to medium term. If the data from both phase 3 trials are positive, the analyst believes that the stock could outperform substantially in 2006. Shares of the Mont-Saint-Hilaire, Quebec, pharmaceutical company were down 66 cents, or 3.88%, at $16.33 on volume of 323,368 shares versus the three-month running average of 346,695 shares. (Nasdaq: AXCA)

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