PXS – BA-Merrill Lynch rates the stock as Buy, High Risk

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Pharmaxis has finally had Bronchitol approved for the PBS list and while the Australian market is small the news is important for confidence with respect to reimbursed global sales.

A European Commission sign-off will be the next catalyst for the stock and BA-ML sees this happening in coming weeks. The broker retains a Buy rating on the stock.

Sector: Pharmaceuticals, Biotechnology and Life Sciences.

Target price is $2.53.Current Price is $1.18. Difference: $1.35 – (brackets indicate current price is over target). If PXS meets the BA-Merrill Lynch target it will return approximately 53% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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