Dutton & Associates Announces Investment Opinion: A.P. Pharma, Inc. Speculative Buy Rating in Update by Dutton Associates.EL DORADO El Dorado, legendary country of South America El Dorado (ĕl`dərä`dō, –rā`–) [Span.,=the gilded man], legendary country of the Golden Man sought by adventurers in South America. HILLS, Calif. -- Dutton Associates updates coverage of A.P. Pharma, Inc. (Nasdaq:APPA), reiterating a Speculative Buy rating and our 12-month price of $3.00. The 12-page report by Dutton senior analyst Stephen L. Handley is available at www.jmdutton.com as well as from First Call, Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. , Zacks, Reuters Reuters British cooperative news agency. Founded in 1851 by Paul Julius Reuter, it was initially concerned with commercial news but began to serve a growing newspaper clientele after the London Morning Advertiser subscribed in 1858. , and other leading financial portals Financial Portal A website that provides a variety of financial data and information, acting as an information hub for clients who are individual investors requiring timely financial news and data to make their investment decisions. . A.P. Pharma, Inc. is a specialty pharmaceutical company seeking to develop and commercialize products utilizing its proprietary polymer-based drug delivery systems. We judge that the Company's current valuation of about $40 million is no greater than the present value of future royalties from two currently licensed products, with virtually no value accorded to any compounds under development. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 27 senior analysts are primarily CFAs, have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 90 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $33,000 prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. before commencement of our research activities. We received $55,000 from the Company for 7 Research Reports with coverage commencing on 12/5/2003. Our principals and analysts are prohibited pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing. |
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