Jefferies rates Advanced Magnetics at buy

Advanced Magnetics, Inc. was rated at buy by Jefferies & Co., Inc. analyst Adam Walsh on news that there are no safety issues to date in the company's phase 3 trial of ferumoxytol. A positive Data Monitoring Committee review in the next few weeks should quiet persistent safety rumors, satisfying the Street. Jefferies believes investors should take advantage of the recent selloff in the company's shares, adding to positions at current levels. Shares of the Cambridge, Mass., pharmaceutical products company were up $1.85, or 7.84%, at $25.45 on volume of 127,600 shares versus the three-month running average of 275,917 shares. (Amex: AVM)

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