Merrill rates Adams at neutral

Adams Respiratory Therapeutics Inc. was given a neutral rating by Merrill Lynch analyst Gregory Gilbert. The company reported second-quarter earnings per share of $0.29, ahead of Merrill's estimate of $0.28. Higher-than-expected sales, partially offset by lower gross margin and higher operating expenses, contributed to the upside. Adams will launch its Mucinex D advertising campaign the week of Feb. 27 in anticipation of the spring allergy season. Shares of the Chester, N.J., pharmaceutical company were down 94 cents, or 2.40%, at $38.23 on volume of 1,782,637 shares versus the three-month running average of 345,844 shares. (Nasdaq: ARXT)

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