$heff's $tation of $tocks & $olid DD

[$heff]

AVNR ($2.85) and the FDA have had dialogue that has been ongoing and consistent. That is also what Andrew Fein mentioned when he reiterated his target of $10 on AVNR. AVNR has notes regarding the SPA agreement they had with the FDA as well. I clipped an excerpt from their 3/31 transcript of their investor call. They conducted the study in both ALS and MS so this will give them a broad label upon approval as stated by the FDA. They state that they have this in the minutes from their meeting with the FDA. Nice to have clear goals on what is expected of you from the onset. How many other companies can state this with clarity? Very few as many don't have SPA's. AVNR can because the FDA made their intentions known from the beginning of the study. These are also the same reviewers who first denied the drug in 2006 so they were able to directly share why they did not approve the first time. They will be the same ones reviewing AVP-923 next week. I venture it is safe to say that Avanir medical staff knows these folks pretty well. We also know that an FDA panel was not convened. I believe because the FDA had all of their questions answered from the confirmatory trial that Avanir conducted. That is the feeling of the firms of Jefferies, Canaccord Adams, Summer Street, Wedbush, Cantor Fitzgerald which all reiterated or upped their target prices b/w $9-$10 and that is what they are advising clients. I have a great deal of respect for Jefferies (Andrew Fein) and their recommendations. I mainly do my DD though and also rely on their expertise as well.

http://www.jefferies.com/cositemgr.pl/html/OurFirm/NewsRoom/PressReleases/2010/201004221press.shtml
http://www.jefferies.com/cositemgr.pl/html/ProductsServices/ResearchAnalysis/RelatedInfo/OurAnalysts/CUCtext/104558.html






JEFFERIES ENHANCES EQUITY RESEARCH PLATFORM
WITH ADDITION OF SENIOR BIOTECHNOLOGY ANALYST

NEW YORK, April 22 2010 -- In an expansion of the firm's established healthcare research franchise, Jefferies announced today the addition of Andrew Fein as a Managing Director and Senior Equity Research Analyst covering Biotechnology companies. Mr. Fein has more than ten years of experience as an analyst following the Biotechnology industry.

The hiring of Mr. Fein extends Jefferies' established coverage of Biotechnology, which includes senior analysts Thomas Wei and Eun Yang, Ph.D. in the US, and Peter Welford, CFA, Philippa Gardner, Eng.D. Tara Shivarattan, Ph.D. and James Vane-Tempest in Europe. Jefferies' Healthcare research team, one of the largest in the world, is comprised of 20 analysts globally, covering Biotechnology, Pharmaceuticals, Specialty Pharmaceuticals, Contract Research Organizations (CROs), Medical Devices, Medical Diagnostics, Life Sciences Tools, Healthcare Supplies, Healthcare Information Technology, Medical Technology, as well as Healthcare Services, Facilities and REITs.

"Andrew Fein is a highly-regarded research analyst with strong relationships and a successful track record of covering Biotechnology companies," commented Steven R. Black, Global Head of Equity Research at Jefferies. "His experience and sector expertise will further extend our existing Healthcare research franchise and add immediate value to our comprehensive equity offering to institutional investors."

Jefferies' research analysts consistently rank among the top industry professionals, capturing 23 analyst awards in 2009, including honors from The Wall Street Journal "Best on the Street" Analyst Survey, Institutional Investor and Financial Times/StarMine. Jefferies and its affiliates have nearly 175 equity and leveraged finance research professionals in the US and Europe covering over 1,300 companies in the areas of aerospace & defense, clean technology, consumer, energy, financial services, gaming & leisure, healthcare, industrials, maritime, media & entertainment, technology, telecommunications and utilities.

Mr. Fein was most recently at Piper Jaffray, where he was a Managing Director covering Biotechnology companies. Previously, he was a Managing Director covering Biotechnology companies at Collins Stewart (formerly C.E. Unterberg, Towbin) and held similar roles at Leerink Swann, J.P. Morgan and Deutsche Bank. He received a BA in Biology and History from Yale University.