Anadys Pharma Rises On Hepatitis C Drug Data

NEW YORK (AP) — Shares of Anadys Pharmaceuticals Inc. rose Tuesday after the company said its hepatitis C drug candidate showed promise in a small early stage study.

The company said ANA-773 was superior to placebo in a study involving eight patients.

In afternoon trading, Anadys shares added 18 cents, or 7.5 percent, to $2.57. More than 6 million shares changed hands, far above the stock's average volume of about 1.1 million shares per day.

ThinkEquity analyst Jason Kolbert upgraded shares of the San Diego company to "Buy" from "Accumulate," and raised his price target to $4 per share from $3. He said the stock should trade higher because of the results and recent early stage data for another hepatitis C drug.

Kolbert said Anadys should be able to find partners to help develop both ANA-773 and ANA-598.