Markets & Finance

First Albany Upgrades CV Therapeutics to Buy


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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