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CIBC World Downgrades Inamed

CIBC World downgrades Inamed Corp. (IMDC).

Analyst John Calcagnini says downgrading to sector perform from sector outperform on FDA's decision to vote against silicone gel breast implant PMA (premarket approval), which he expects to constrain Inamed's near-term performance.

He notes Inamed has had tremendous run since August 2002, when it was $12 per share. Currently, Inamed is in process of being acquired by Medicis.

Calcagnini says the deal should create a floor under Inamed, as Medicis is paying $30 per share in cash, and Inamed holders will also get 1.42 Medicis shares per Inamed share held, which values Inamed at $70 based on Medicis closing price yesterday.

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