Shares of Deprenyl Research Ltd. and its two affiliates onFriday recovered about half of the value they lost on Thursdayafter Wedbush Morgan Securities put a "sell" on DeprenylResearch.
"It looked to me that the stock was overvalued in the currentmarket, so I changed the recommendation from "buy" to "sell,"said James Reynolds, Los Angeles-based director of research atthe firm.
Reynolds, who doesn't normally follow the stock, told BioWorldon Friday, "It's my responsibility as research director tooversee research, and there could be a rare case when Iexercise my authority as a responsible officer.
"We didn't change earnings or revenue estimates or projectionson drug development, and we haven't made any negativecomments regarding the company, its products ormanagement."
Deprenyl Research (NASDAQ:DEPLF) closed up $1.13 at $13.63,Deprenyl Animal Health Inc. (NASDAQ:DAHI) was unchanged at$5.75, and Deprenyl USA (NASDAQ:DUSA) rose $1.75 to $30.50.
Deprenyl Research of Toronto on Friday said it consideredReynolds' actions inappropriate, and the company is askinglegal counsel whether the matter should be taken to theregulatory authorities.
Deprenyl is developing products to treat Parkinson's diseaseand other neurological diseases. -- Karen Bernstein
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