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PARS Harris Nesbitt initiates Pharmos with $7 tgt and Tercica with $17 tgt

Harris Nesbitt initiates Pharmos (PARS 3.38) with an Outperform and $7 target. The key value driver for Pharmos is unblinding of the pivotal Dexanabinol clinical data, which could occur in 4Q04. If the data are positive, it will likely drive a significant increase in valuation. The firm believes Pharmos is conducting one of the best trials ever done in the traumatic brain injury setting, greatly increasing the chances for a successful trial outcome. Its valuation overstates the risk of the ongoing Phase III trial