The Globe and Mail reports in its Thursday, March 21, edition that despite missing the Street's expectations with its fourth quarter financial results on Tuesday, Cipher Pharmaceuticals ($1.47) was upgraded to "buy" from "accumulate" by Bloom Burton Securities analyst Prasath Pandurangan, who pointed to its "attractive valuation." Mr. Pandurangan says, "While the stock has been trending down, there are multiple upcoming milestones that could lead to a rerating, and we believe that current price is a favorable entry point for long-term investors."
He continues to target the shares at $5. Analysts on average target the shares of the Mississauga-based company $4.13.
Elsewhere, TD Securities analyst Lennox Gibbs cut the stock to "hold" from "buy" with a share target of $2, falling from $4.25. Analysts on average target the shares at $4.13.
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