Avigen reiterated at outperform by RBC

RBC Capital Markets analyst Michael J. Yee reiterated Avigen, Inc. at outperform, speculative risk, and a $9 price target after three investigators voiced continued support for Avigen's key candidates addressing unmet needs in spasticity, neuropathic pain and hemophilia. The analyst is enthusiastic about lead candidate AV650 for spasticity as it is already approved in central Europe for the same indication. The company's stock remains very cheap, at a market cap of only $120 million with $80 million in cash, yielding an attractive opportunity for investors, according to Yee. Shares of the Alameda, Calif.-based development stage company were down 4 cents, or 0.76%, at $5.20. (Nasdaq: AVGN)

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