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Strategies & Market Trends : Speculating in Takeover Targets

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From: richardred	7/3/2007 12:07:12 AM
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Santarus Shares Rise on Upgrade Monday July 2, 12:24 pm ET Santarus Shares Rise After Analyst Upgrades Citing Stock-Price Pullback, Buyout Possibility NEW YORK (AP) -- Santarus Inc. shares rose Monday after a Susquehanna Financial Group analyst upgraded the drug developer, saying a recent decline in share price has made the company a more attractive buyout target. Angela Larson raised her rating to "Neutral" from "Negative." Santarus shares are down 34 percent so far this year. and have steadily declined since the company announced a larger-than-expected first-quarter loss on May 2. On June 22, shares hit a 52-week low of $4.82. Larson said Santarus' sole product -- the acid reflux drug Zegerid -- does not stand out in the competitive heartburn market, and the company is not developing new products. But the analyst said the stock price could make Santarus attractive to a buyer. However, she added "Our lack of confidence in the fundamental operations for the company limits our enthusiasm for significant upside from current levels." Shares of Santarus rose 33 cents, or 6.4 percent, to $5.50. Questions or comments about this story should be directed to the Financial News desk of The Associated Press at (212) 621-7190. biz.yahoo.com

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