Analyst says MAP Pharma will rise when more details on migraine drug are reported next week

Analyst says new Levadex data could lift MAP stock

NEW YORK — MAP Pharmaceuticals Inc. plans to share additional data from testing of its migraine drug candidate Levadex next week, and a Wedbush Morgan analyst said the results could boost MAP’s share price.

The company will present results from a late stage study of Levadex on the morning of Sept. 12 and Sept. 14 at a meeting of the International Headache Society. It will also participate in analyst sponsored conferences on Sept. 11 and 14.

Levadex is an inhaled drug designed to treat pain and other symptoms of migraine. Analyst Liana Moussatos said the Sept. 12 presentation could create more excitement about Levadex’s potential, boosting MAP’s share price and making the company more attractive to potential buyers or partners. She said the stock could reach $10 or $11 per share after the presentations and $12 by the end of 2009.

Moussatos wrote that the Mountain View, Calif., company is planning to start a new late stage study of Levadex in January 2010.

In May, MAP said the drug met all of its main goals in the late stage study. The stock had been trading around $3 per share, and jumped to an annual high of $13.85 in the following days. which sent the company’s stock surging.

In Wednesday afternoon trading, shares rose 29 cents, or 3.2 percent, to $9.30.