Pharmaceutical research company Pharmaxis Ltd (ASX: PXS) today announced the United States Food and Drug Administration (FDA) has approved Bronchitol® (mannitol) as add‐on maintenance therapy to improve pulmonary function in cystic fibrosis (CF) patients 18 years of age and older.
Since July of last year both Credit Suisse and RBS Australia have rated Australian pharmaceutical company Pharmaxis (PXS) as a Buy. BA Merrill Lynch has now added to the positive views on the stock, initiating coverage today with a Buy rating and a price target of $3.55.
Target $3.89 (was $4.04). The group’s interim net loss met the broker’s expectations but it notes there have been further delays in European regulatory approvals and this means a one quarter delay in approval for Bronchitol.