UPDATE: Ladenburg Thalmann Reiterates Buy for Map Pharmaceuticals and $24 PT

Earlier today, Ladenburg Thalmann Financial Services released a company update report in which it reiterated its Buy rating for Map Pharmaceuticals, Inc. MAPP and its price target of $24. In the report, Ladenburg Thalmann explained that, “Our 12-month price target of $24.00 is based on a sum-of-the-parts valuation of LEVADEX, which comprise of revenues stemming from the Allergan partnership ($50 million upon approval and first sale; up to $25 million pending final label), ex-US royalties and a US PCP partnership. With a defined checklist to address from the CRL, confirmation from the FDA of satisfactory clinical safety and efficacy review, progress on labeling discussions combined with potential additional partnering catalysts (outside of the U.S. specialty market) for the LEVADEX, we continue to believe MAP represents an attractive opportunity for investors.” Map Pharmaceuticals, Inc. closed at $16.44 yesterday.