Axcan upgraded to neutral by Merrill

Merrill Lynch analyst Hari Sambasivam upgraded Axcan Pharma Inc. to neutral. The company plans to disclose data from a North American phase 3 trial for ITAX in functional dyspepsia before the end of the month. The international study, with the same design as the North American study, failed to meet its primary endpoint. Shares of the Mont-Saint-Hilaire, Quebec-based pharmaceutical company were up 7 cents, or 0.59%, at $11.99 on volume of 103,376 shares versus the three-month running average of 203,802 shares. (Nasdaq: AXCA)

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