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Biotech / Medical : CVTX - CV Therapeutics, Inc.
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From: mopgcw4/29/2006 3:19:30 AM
   of 411
 
mstar: Analyst Note 04-26-06
CV Therapeutics reported first-quarter results Tuesday
that largely met our expectations, and we're keeping our
fair value estimate at $24 per share. The firm's quarterly
activities surrounded the launch of Ranexa, which was
approved for angina in January. We think the firm did a
decent job of containing costs during the expensive launch
phase. While some concerns have arisen regarding initial
product uptake, we think it is too early to tell if Ranexa
will be a long-term success given its recent March launch
date. Also, because we do not expect profits to fall to the
bottom line anytime soon even if Ranexa performs well in
the near term, CVT still has a lot of work ahead of it to
succeed, in our opinion.
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