Oct 15 (Reuters) - Barclays Capital upgraded Par Pharmaceutical Cos Inc to 'overweight' from 'equal weight,' citing a recent marketing approval of the company's copy-cat version of a hypertension patch, sending its shares to a new 52-week high.
Analyst Richard Silver said getting the nod in August to market a generic version of Boehringer Ingelheim's hypertension patch Catapres was a 'thesis changer.' The analyst sees more upside to earnings from potentially delayed competition for generic Catapres and launch of generic Ultram ER -- a painkiller.
Par shares were up 4 percent at $22.90 Thursday morning on the New York Stock Exchange. They touched a new 52-week high of $23.00 earlier in the session.
(Reporting by Vidya L Nathan in Bangalore; Editing by Ratul Ray Chaudhuri) Keywords: PARPHARMACEUTICAL/RESEARCH BARCLAYS (vidya.loganathan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: vidya.loganathan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Analyst Richard Silver said getting the nod in August to market a generic version of Boehringer Ingelheim's hypertension patch Catapres was a 'thesis changer.' The analyst sees more upside to earnings from potentially delayed competition for generic Catapres and launch of generic Ultram ER -- a painkiller.
Par shares were up 4 percent at $22.90 Thursday morning on the New York Stock Exchange. They touched a new 52-week high of $23.00 earlier in the session.
(Reporting by Vidya L Nathan in Bangalore; Editing by Ratul Ray Chaudhuri) Keywords: PARPHARMACEUTICAL/RESEARCH BARCLAYS (vidya.loganathan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: vidya.loganathan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
