Markets & Finance

First Albany Reiterates Neutral on ArtheroGenics


First Albany reiterates neutral AtheroGenics (AGIX).

Analyst Lucy Lu says the company plans to add more patients to its Arise clinical study of AGI-1067 for treatment of coronary artery disease, has extended Arise's timeline. She still views Arise as a high-hurdle study and notes a positive outcome entails a 15% to 20% event reduction on top of standard therapy.

As such, she thinks ArtheroGenics is a single-product story with substantial risks. Based on the available data, she thinks it would be difficult for ArtheroGenics to obtain a favorable partnership deal for AGI-1067, and the company would have to raise money in 2005.

Lu maintains a $1.87 2004 loss and a 55-cent 2005 loss estimates.


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