ICN Shares Up Again on Restructuring Hopes
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Shares of ICN Pharmaceuticals Inc. rose for the second straight day after the preliminary election of three dissident-backed directors, who are expected to spur a long-delayed split of the company into three entities.
The Costa Mesa drug maker’s stock rose $2.68, or 9%, Friday to $32.91 a share, its highest price in three months. The stock rose 2% Thursday to $30.23 a share after the shareholder vote.
“It gives people confidence that, in fact, a restructuring will occur,” Arnhold & S. Bleichroeder analyst Richard Stover said.
The stock also got a boost from analyst Larry D. Smith at Tucker Anthony Sutro Capital, who upgraded ICN’s stock Friday to a “strong buy” from a “buy” because of the probable board change and continuing growth in sales of hepatitis C drug ribavirin, which generated $155 million in royalties last year.
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