Inspire Pharmaceuticals, Inc. (ISPH) is a specialty pharmaceutical company focused on the development and commercialization of treatments for respiratory and ophthalmologic disorders.

Currently, the company has three products on the market and a robust pipeline. We see strong top line growth from 2009 and beyond. Inspire just reported positive phase III data of

Denufosol for CF. The company has a strong collaborative alliance with Allergan Pharmaceuticals for key products that treat dry eyes and allergic conjunctivitis.

Current price is attractive. We maintain our Outperform rating on shares of Inspire with a price target of $7.00.

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