UPDATE: Sterne Agee Reiterates On Salix Pharmaceuticals Ahead Of FDA Panel Vote

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In a report published Thursday, Sterne Agee analyst Shibani Malhotra reiterated a Buy rating on

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Salix Pharmaceuticals Ltd.

(NASDAQ: SLXP), and raised the price target from $126.00 to $130.00.In the report, Sterne Agee noted, “We reiterate our Buy thesis on SLXP in front of the FDA panel vote, expected later this afternoon, regarding the use of Relistor as a possible treatment for opioid-induced constipation. A path to development can add around $6 to our fair value of $130 for SLXP, while a negative outcome should have little impact given the minimal expectations going into this event. We are more focused on the data from TARGET III for Xifaxan in IBS-D (early July) as a meaningful positive catalyst for the stock.”Salix Pharmaceuticals Ltd. closed on Wednesday at $113.42.