Piper Jaffray Overweight On Endo Pharmaceuticals

Piper Jaffray is out with a research report on Endo Pharmaceuticals ENDP and it has an Overweight rating and a $46 price target. In a note to clients, Piper Jaffray writes, "Yesterday, Endo announced the termination of its development program for axomadol, a potential new chemical entity (NCE) for chronic pain. The move came on the heels of a failed Phase II study in chronic low back pain. Though ENDP could have moved forward with the drug in other pain settings (e.g. post-herpetic neuralgia, potentially a lower-risk setting where placebo responses tend to be lower than those seen in other pain settings), the move suggests to us that management is focused on minimizing expense growth and maximizing margins." Shares of ENDP lost 59 cents yesterday to close at $31.81, a loss of 1.82%.