) to sector outperform from sector perform.
Analyst Matt Geller says he is upgrading on expectations that positive results of first of 2 Phase III trials for methylnaltrexone (MNTX) for opioid-induced constipation in patients with advanced medical illness (AMI) will be announced by the end of the first-quarter or before.
He says positive Phase III results for MNTX in AMI should be a near-term positive catalyst, and longer term, positive post-operative results could add substantial further upside potential.
Geller sets a $30 target, at 25 times his $2.42 2010 earnings per share estimate, discounted at 15%. He maintains his $2.66 2005 loss estimate.