Endo Pharma: After-Hours Trading

NEW YORK ( TheStreet) -- Shares of Endo Pharmaceuticals ( ENDP) rose in extended action late Wednesday after the Chadds Ford, Pa.-based drug developer received regulatory approval for its Fortesta gel product for the treatment of men with low testosterone.

The Food and Drug Administration approved Fortesta as a Class III product for topical use, and Endo expects to launch the product in the United States in early 2011.

The stock was last quoted at $36.71, up 4.2%, according to Nasdaq.com, although trading was light at around 10,000 shares. The issue's trailing three-month daily average volume is around 1.5 million. Based on a regular session close at $35.22, the shares have appreciated by more than 70% in 2010.

Endo estimates nearly 14 million men in the United States have low testosterone and that roughly 1.3 million, or 9%, are being treated for the condition.

Of the 25 analysts covering Endo's stock, eight rate it at strong buy, five at buy and 12 are at hold. Wall Street's median 12-month price target is $40, implying upside of more than 13% from current levels.

The current average estimate of analysts polled by Thomson Reuters is for Endo to earn 94 cents a share on revenue of $461.1 million in the current quarter ending this month. That performance would be above its profit of 86 cents a share on revenue of $444.1 million in the September-ended quarter.

Duncan Williams Inc., a Memphis, Tenn.-based investment banking firm, reiterated a strong buy rating on Endo's stock on Wednesday ahead of the news. The firm said it's modeling for 2011 sales of $14 million for Fortesta, and that it sees a "difficult reimbursement environment" for the product, as well as competitive pressures from "the overlapping launch" of Eli Lilly's ( LLY) Axiron.

Qiao Xing Universal Resources

The rally continued in after-hours action for shares of Qiao Xing Universal Resources ( XING), which surged more than 12% to $3.04 on volume of more than 1 million.

That advance came on top of the stock's jump of 46.5% in the regular session to $2.71 on volume of 26.8 million. Before Wednesday's opening bell, the China-based mining company issued a press release saying it has posted pictures of a newly acquired mine online, and that it plans to launch a new Web site in early January.

"We are making continuous efforts to enhance our transparency and improve communications with investors to convey the exciting developments within our Company," said Ruilin Wu, the company's chairman and CEO, in a statement. "As part of these efforts, we are also considering an on-site visit in the Spring of 2011 in Chifeng, where most of our mining businesses are located."

Including Wednesday's run-up, Qiao Xing shares are still down 21% in 2010.

-- Written by Michael Baron in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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