Bank of America Raises PO on Salix Pharmaceuticals to $55

Bank of America has published a research report on Salix Pharmaceuticals SLXP and has raised the price target from $50 to $55. In the report, Bank of America writes, "SLXP reported positive results from the Phase III study of oral Relistor for opioid-induced constipation (OIC). The company plans to present detailed data at a medical meeting in 2012, but indicated that efficacy was similar to the current injectable version and safety was similar to placebo. Based on the positive results, we added oral Relistor sales to our model and are raising our PO to $55 (from $50). While the stock has had a strong run and could take a breather, we are maintaining our Buy rating based on SLXP's franchise strength in GI, as well as strong revenue and EPS growth." Salix Pharmaceuticals is currently trading up $2.50 from yesterday's $43.23 closing price.