First Albany upgraded CV Therapeutics (CVTX) to buy from neutral.
Analyst David Webber says the company's agreement with the FDA for the additional clinical development of Ranexa breaks a regulatory logjam and makes possible the re-establishment of a projected approval timeline. He notes, under a special agreement, CV will have to conduct just one additional trial to gain approval of Ranexa for chronic angina.
Based on a third-quarter 2004 study launch, Webber sees approval in the second half of 2006. He sees sales of $43 million in 2006, $106 million in 2007, $174 million in 2008, and $244 million in 2009.
Webber maintains the $4.41 2004 loss estimate, and narrowed the $4.33 2005 loss estimate to a $4.32 loss. He upped the $17 target to $20.