JP Morgan Reiterates BioMimetic Therapeutics Neutral

JP Morgan reiterated its Neutral rating for BioMimetic Therapeutics

and maintains its $5 price target in a research report out today. The rating reflects the uncertainty surrounding their Augment Bone Graft technology. In the report, JP Morgan writes, "BioMimetic announced on Tuesday afternoon that it has received a complete response letter (

) from FDA for Augment bone graft. Based on the details disclosed Tuesday, it is unfortunately no clearer to us today that BMTI is on a pathway to FDA approval of Augment." Shares of BioMimetic Therapeutics are trading at $2.55, down 12.37% from yesterday's close.