Coley initiated by Merrill Lynch at neutral

Coley Pharmaceutical Group coverage was initiated by Merrill Lynch analyst Thomas McGahren with a neutral rating. The initial public offering in August was priced at $16 and the stock has gained 15% recently. Merrill Lynch estimates fair value at $21 per share and believes Coley offers a promising mixture of proprietary technology, encouraging randomized phase II data in lung cancer and a potentially lucrative relationship with Pfizer. Coley shares Monday were down $0.27, or 1.48%, at $17.93 on volume of 202,173 shares versus the three-month running average of 414,816 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.