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The firm cited Adolor's Entereg product, as well as its delta opioid agonist program and preclinical drug candidates.
"Furthermore, with partner GlaxoSmithKline recently returning to Adolor the worldwide Entereg rights related to opioid bowel dysfunction, we believe any downside driven by the uncertainties regarding this program is fully factored into the valuation," it wrote.
Brean Murray has a $6 price target on the company.
Shares of Adolor rose 6.5% to $3.26 in morning trading Monday. Ryan Vlastelica rv/vj
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