Shares of Irvine-based Allergan Inc. rose over 2% in midday trading Friday after an analyst upgraded the stock based on sales potential for the drug maker’s new European glaucoma treatment and other pending pipeline products.
David Maris, a Bank of America Securities analyst, upgraded Allergan to “buy” from “neutral” in a research note. He cited a recent pullback in the drug maker’s share price.
Allergan shares closed down at $97.15 Thursday, down 18% from a high of $117.99 on March 20.
The company counted a recent market value of $15 billion.
European regulatory clearance of Ganfort, Allergan’s new glaucoma drug, should help sales, Maris wrote.
Maris also raised his 2007 earnings estimate to $646 million from a previous estimate of $622 million, based on potential for revenue growth from silicone breast implants and dermal fillers awaiting regulatory approval.
Allergan got those two product lines in its $3.2 billion buy of Santa Barbara-based Inamed Corp.
