McNicoll Lewis Vlak Raises PT on Transcept Pharmaceuticals to $8
McNicoll Lewis Vlak has released a research report on Transcept Pharmaceuticals (NASDAQ: TSPT) and has raised the price target from $5.50 to $8.
In the report, McNicoll Lewis Vlak writes, "We remain cautious, but have little double that TSPT will trade multiples higher on approval. Yesterday, Transcept resubmitted the NDA for Intermezzo®, several days in advance of our expectations. We continue to take a conservative view ahead of approval primarily due to the previous complete response letters (CRL). We used a DCF based valuation with a 30% discount rate (standard risk for Phase III complete)."
McNicoll Lewis Vlak maintains its Hold rating on Transcept Pharmaceuticals, which closed yesterday at $6.65 and is currently trading up $0.41 today after market open.
