Analysts Raise Target on AVNR to $13 per share

(NEW YORK)--In a note to clients, Wedbush raised its price target for Avanir Pharmaceuticals, Inc. (NASDAQ:AVNR) from $9 to $13 per share.

This upgrade comes on the heels on Jefferies upgrade on the company from $10 to $15 per share on Monday.

Late Friday, the U.S. Food and Drug Administration approval makes the drug Nuedexta the first approved treatment for the little known, but not that rare, condition called pseudobulbar affect (PBA) in which patients cannot control outbursts of crying or laughter.

Large pharmaceutical companies are on the lookout for strong ready-to-market or late-stage product as many face an impending patent cliff on several blockbuster products. Some potential acquirers could be Biogen Idec, Teva Pharmaceutical, and Novartis AG that focus on central nervous system disorders could find Avanir an attractive purchase

About Avanir Pharmaceuticals, Inc.

AVANIR Pharmaceuticals, Inc. focuses on acquiring, developing, and commercializing novel therapeutic products for the treatment of central nervous system disorders primarily in the United States and Canada. Its lead product candidate includes Zenviatm, which has completed three Phase III clinical trials for the treatment of pseudobulbar affect; and a Phase III trial for the treatment of patients with diabetic peripheral neuropathic pain. The company also offers Abreva, an over-the-counter product for the treatment of cold sores. AVANIR Pharmaceuticals, Inc. was founded in 1988 and is headquartered in Aliso Viejo, California.

About Wall Street Newscast

Based in New York City's Financial District, Wall Street Newscast manages an extensive database of active traders who follow the small the small to micro cap markets. To receive updates on this and other companies making moves please register to our free newsletter by going to http://www.wallstreetnewscast.com/form/newsletter.html