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First Albany Reiterates Buy on Adolor

First Albany reiterated its buy recommendation on shares of Adolor (ADLR).

Analyst David Webber says Adolor, at a recent recent "road show" presentation, reaffirmed its intent to complete submission of a New Drug Application for Entereg for postoperative ileus by June 30. He says that given the mixed nature of the Phase III data, the company's stragegy is to seek approval first for all abdominal surgery patients, to adjust to FDA resistance by seeking approval for just bowel resection patients or, if necessary, to amend the New Drug Application with an ongoing, large European ileus trial, due to conclude by the end of 2004. Assuming a 2007 launch for Entereg from a conservative point of view, the analyst has a $20 price target, based on his $1.86 2009 EPS forecast.

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