First Albany Upgrades CV Therapeutics to Buy

The drugmaker reached a pact with the FDA regarding Ranexa

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.

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