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Canaccord Genuity reiterates a 'Buy' on Avanir Pharmaceuticals (Nasdaq: AVNR), raises PT from $6 to $9.

Canaccord analyst says, "...Raising target to $9 based on higher chances of FDA approval on Oct. 30 PDUFA, long-term commercial success. We raised our estimate of approval chances for AVNR’s lead drug AVP-923 for PBA from 60% to 75% based on extensive talks with experts and new safety detail. Expert opinion on 923 safety and efficacy has been very positive. We think AVNR will drive strong PBA awareness and conduct a strong launch in Q1/11. We think 923 will see good market uptake starting in H2/11."

To see all the upgrades/downgrades on shares of AVNR, visit our Analyst Ratings page.

Shares are trading at $3.33, up $0.18 (+5.71%) today.