UPDATE: Ascendiant Capital Markets Upgrades POZEN to Strong Buy, Reiterates $8.25 PT

In a report published Friday, Ascendiant Capital Markets upgraded its rating on POZEN

to Strong Buy, and reiterated its $8.25 price target. Ascendiant Capital noted, “We believe that the focus for investors should remain on the Company's efforts to complete the work necessary to file an NDA with the FDA for its PA product. The Company's PA product represents the combined delivery of immediate-release omeprazole (40mg) and delayed-release aspirin (either 325mg or 81 mg). PA has the potential to offer possible protection against a second heart attack or stroke without the increase in gastrointestinal toxicity associated with aspirin alone. Management reiterated that it remains on track to submit an NDA for both PA32540 and PA8140 in the first half of next year. Pozen expects to complete a required pharmacokinetic study that demonstrates the bioequivalence of PA8140 against the RLD, EC-Ecotrin 81 mg by the end of this year. The gating item for the NDA submission will be the sufficiency of the Company's Chemistry, Manufacturing, and Controls (CMC) process for PA8140 at the time of filing. Although stability data for the product is required out to 12 months, the Company's plan is provide supplemental data to its NDA filing, once the 12 month stability data is obtained.” POZEN closed on Thursday at $5.13.