A Hold recommendation has recently been issued to pharmaceutical company Alexza Pharmaceuticals, Inc. (ALXA) by Zacks senior bio-medical analyst Jason Napodano.  Here's what his latest update had to say about it:

'Alexza Pharmaceuticals focuses on the development and commercialization of proprietary products for the treatment of acute and intermittent conditions. We are enthusiastic on the company's proprietary novel Staccato system that reformulates oral or injectable small molecule compounds into an inhalable aerosol.

'Alexza has four product candidates in clinical stage trials, including leading candidate AZ-001 for migraine headache pain relief. Recent data on AZ-001 and AZ-004 lead us to believe the Staccato system is both safe and highly effective.

'Other product candidates offer significantly less potential in our view. AZ-003 will enter a highly competitive fentanyl market competing against several other re-formulated products. J&J Duragesic, at one point a $2 billion product, is now available generic. So is Cephalon's (CEPH) fentanyl stick, Actiq.

'At this time we are hesitant to recommend the name. An announcement on a partnership has the potential to send the shares higher in the third or fourth quarter 2007, but it is the clinical success that will really determine how the stock performs. Our price target is $10 and our rating is Hold.'