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Glance-STOCKS NEWS EUROPE-Prostrakan higher after results
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11:34GMT 18March2009-Prostrakan higher after results
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Shares in Prostrakan gain over 3 percent after the specialty
pharmaceutical company posts full-year results, with revenue up 23 percent from
the previous year.
Morgan Stanley (NYSE: MS - news) , which keeps its 'overweight' recommendation on the stock,
highlights in a note that revenue, at 56.1 million pounds, came in 3 percent
ahead of consensus estimates of 54.4 million pounds, with product launches
progressing well.
'We view Prostrakan as an emerging specialty pharmaceutical company rather
than a biotech, and believe that the risk/reward is being significantly
underestimated,' says the broker.
'We are buyers ahead of multiple product launches over the next 12-18
months,' it says.
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