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Needham Starts Pozen with 'Strong Buy'

Needham intitiates coverage of Pozen (POZN) with strong buy.

Analyst Eun Yang says Pozen has the most advanced, strongest product pipeline for migraine therapy, a market with worldwide prescription drug sales of about $3 billion in 2002. He sees exciting news about the pipeline in the next 6 months to 12 months that should drive share price appreciation.

Yang expects two product launches in the U.S. by early 2004, royalty revenues on product sales, and profitability in 2004. He notes a development and commercialization partnership with GlaxoSmithKline for MT 400 (next-generation triptan).

Yang sees a 57-cent 2003 loss, and 18 cents 2004 earnings per share. He set a $26 12-month target.

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