Wedbush Securities Reiterates Outperform Rating on MAP Pharmaceuticals

In a report published Friday, Wedbush Securities reiterated its Outperform rating on MAP Pharmaceuticals (NASDAQ: MAPP).Wedbush Securities noted, “Map is developing Levadex as a rapid-acting treatment for acute migraine. The company previously submitted a new drug application (NDA) using the 505(b)(2) process to the FDA under PDUFA IV, but received a complete response letter (CRL) in late March with manufacturing requirements. On October 16, 2012, the company announced NDA resubmission under 505(b)(2). Although the FDA typically responds to a resubmission within 14 days, this time they took over a month and had some investors worried--which we believe was reflected in MAPP's declining valuation. Now that the FDA finally accepted the resubmission for review, decided on the expected six month (Class 2) review, and announced the April 15, 2013 PDUFA deadline for an approval decision, we anticipate a full recovery for MAPP.”MAP Pharmaceuticals closed on Wednesday at $12.83.