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Analyst says Supernus shares are at a fair price

NEW YORK (AP) -- A Citi Investment Research analyst said Wednesday that Supernus Pharmaceuticals Inc. shares are fairly valued as the company gets ready to start marketing its first drugs.

THE OPINION: Analyst Jonathan Eckard started covering the Rockville, Md., company with a "Neutral" rating and a price target of $14 per share. He said the company's epilepsy drugs Trokendi XR and Oxtellar XR have significant commercial potential and annual Trokendi sales could reach $325 million. Supernus plans to launch both drugs in 2013, and he said the early stages of the launches will go a long way in determining the drugs' eventual success.

Supernus does not have any products on the market. It plans to start selling Oxtellar XR during the first quarter of 2013 and Trokendi XR during the third quarter. Both products are extended-release versions of drugs that are already approved: the active ingredient in Oxtellar is oxcarbazepine, which is sold under names including Trileptal, and Trokendi is a once-per-day version of topiramate, which is sold under names including Topamax.

THE STOCK: Supernus shares lost 1 cent to close at $10.96. The company went public in May at $5 a share. The stock traded as high as $16.68 in July.