Shares of Sepracor Inc. rose Thursday as the drug maker reported positive results from a late-stage trial of a seizure drug candidate, and a UBS analyst upgraded the stock to "Buy" from "Neutral" citing its low share price and growth prospects.
Sepracor said that when trial patients received eslicarbazepin along with standard anti-epileptic drugs, the number of seizures patients experienced declined compared with patients receiving placebo.
The company expects to submit an application for approval with U.S. regulators in late 2008 or early 2009.
UBS analyst Annabel Samimy said that business development over the last six months has provided growth opportunities and product diversification.
She added that Sepracor's pipeline is now more robust with several catalysts expected beginning in the second half of the year.
Sepracor plans on launching the asthma treatment Alvesco in the second half of the year.
In addition, Samimy noted that that management brought in new executives and has reorganized its sales and marketing team.
Sepracor shares rose 63 cents, or 3.2 percent, to $20.30 in morning trading.
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