Wedbush Maintains Outperform on Avanir Pharmaceuticals (AVNR)

Wedbush is out with its report today on Avanir Pharmaceuticals

, maintaining Outperform. In a note to clients, Wedbush writes, "AVNR reported Q2 NUEDEXTA revenues of $505 thousand and EPS of ($0.12), vs. our estimate of $404 thousand, ($0.14) and the Street's ~0.9-1 million, ($0.11). We anticipate full fiscal year sales of NUEDEXTA of $12.6 million, and anticipate the company will end FY:2011 with $45 million in cash and has cash runway into 2013. We maintain our OUTPERFORM rating and our $13 price target. We derive our $13 price target by applying a 6x multiple to 2015 revenues of ~$670 million, discounted by 25% annually." Shares of AVNR closed Monday at $4.12, up 1.23% from Friday's close.