Auriga Reiterates Buy Rating on eResearch (ERES)

Following meetings with eResearch ERES management, Auriga reiterated its Buy rating and $10 price target on the company. Auriga is "increasingly confident in the prospects for eResearch" after the acquisition of CRS. CRS is the market leader in respiratory core lab services for clinical trials, with approximately 60% market share. "We continue to believe the CRS acquisition was an astute move strategically and financially, positioning the company as the global market leader in both cardiac safety and respiratory diagnostics." Citing strategic implications, growth opportunities, and cost savings, Auriga believes that eResearch's acquisition of CRS "will yield superior returns." eResearch provides technology and services that enable the pharmaceutical, biotechnology and medical device industries worldwide to collect, interpret and distribute cardiac safety and clinical data. Shares closed June 18 at $8.37.