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Summer Street defends Avanir after trial miss

  • Summer Street is out positive on Avanir Pharmaceuticals (AVNR -19.9%) as the shares sell-off on a Phase 2 miss for AVP-923 in central neuropathic pain.
  • "Once the trial enrollment was cut in half we did not think the trial was powered for statistical significance," analyst Carol Werther says, adding that "a neuropathic pain indication cannot be ruled out when positive Phase 3 results have been published in patients with type 2 diabetes."
  • Werther is also upbeat on Nuedexta.
  • Buy rating maintained.
  • Price target cut to $10 from $17.
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