Cephalon kept at neutral by Merrill

Merrill Lynch analyst Gregg Gilbert maintained Cephalon, Inc. at neutral following an approvable letter from the Food and Drug Administration for Fentora for breakthrough cancer pain. The FDA did not request additional safety or efficacy data. Approval is possible by the end of the third quarter, according to the analyst. Shares of the Frazer, Pa.-based pharmaceutical company were up $5.84, or 5.84%, at $60.10 on volume of 8,045,706 shares versus the three-month running average of 1,857,860 shares. (Nasdaq: CEPH)

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