Piper Jaffray Maintains Overweight on Tengion

Piper Jaffray is out with its report today on Tengion

, maintaining Overweight. In a note to clients, Piper Jaffray writes, "We maintain our Overweight rating and $3.50 price target awaiting further clinical update on the Neo-Urinary Conduit study. Our target is based on a projected EV of $88 million plus YE:11E net cash $6 million." Shares of TNGN closed Monday at $1.17, up 3.40% from Friday's close.