Wedbush raised its price target on shares of Anacor Pharmaceuticals Inc. (ANAC) Friday morning to $20 from $10. Anacor reported positive results from a Phase 2 dose-ranging trial of its topical boron-based phosphodiesterase-4 inhibitor, AN2728 on Thursday.
Anacor Pharmaceuticals gapped up Friday and climbed in early trade, but settled into a range for the majority of the session. Shares closed up by 1.24 at $6.08 on the highest volume of the year. The stock rose to a 5-month high and re-crossed its 200-day moving average.
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