But Robert Meyer, a top official in the office that approves drugs, took a more tempered stance, admitting there were fundamental disagreements at the FDA about what to do with Avandia.
Based on the historical analysis and five other fundamental factors we measure, we have a Fairly Valued stance at this time as we downgraded it in early March due to valuation concerns.
He writes that his old bullish stance was based on the view that the stock price did not reflect fundamental value, and that new products would restore momentum and investor confidence.