Merrill rates Adolor at neutral

Merrill Lynch analyst David Munno rated Adolor Corp. at neutral on news that Entereg missed its primary endpoints in one phase 3 trial in patients with non-cancer related opioid induced bowel dysfunction (OBD) and one phase 2b trial in patients with cancer related OBD. These data suggest that the drug may not have clinically meaningful activity or a more limited market potential than originally expected. Merrill reduced its theoretical fair value estimate to $11 to 16, from $18 to $24. Shares of the Exton, Pa.-based biopharmaceutical company were down $11.32, or 45.33%, at $13.04, on volume of 24,806,645 shares versus the three-month running average of 395,211 shares. (Nasdaq: ADLR)

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