Markets & Finance

CIBC World Keeps 'Strong Buy' on Andrx

CIBC World reiterates strong buy on Andrx (ADRX).

Analyst Elliot Wilbur says AstraZeneca's news is positive for Andrx, as it removes a hurdle in Andrx's attempts to market a generic version of the ulcer and heartburn drug Prilosec. He notes AstraZeneca indicated that under a non-exclusive license pact with aaiPharma, it does not plan to list U.S. patents 6,262,085 & 6,262,086. Wilbur continues to believe Andrx is the best new product story in his specialty pharmaceutical universe. He has a $125 target, but notes price appreciation near-term remains captive to ongoing Prilosec developments.

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