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CS First Boston Upgrades Praecis Pharmaceutical

CS First Boston upgraded Praecis Pharmaceutical (PRCS ) to strong buy from buy.

On Tuesday, Amgen and Praecis received a letter from FDA indicating that the information presented for the companies' jointly created drug, Plenaxis, was inadequate. Analyst Meirov Chevav says the sharp decline in price following the FDA's response on Abarelix (Plenaxis) creates a buying opportunity. He thinks at the current stock price, no value is being paid for Abarelix in any indication. If Abarelix is approved over the next six to twelve months as he expects, Praecis' stock price could easily double or triple from here. Chevav widened his $1.40 2001 loss estimate to a $1.51 loss; and narrowed the $1.30 2002 loss to $1.25 loss and the $1.15 2003 loss to a $1.05 loss. He has a $50 target.

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