UPDATE: Canaccord Upgrades TranS1; Increases PT

According to a research report published earlier today, Canaccord has upgraded TranS1

from a Hold to Buy rating, and has increased PT from $3 to $3.50. In the report, Canaccord said, “We believe the expectations have been reset for TranS1 over the past six months following the announcement of the OIG investigation and rejection of the company's CPT upgrade request. Furthermore, we believe TranS1 is reaching an inflection point in its reimbursement initiatives, with the pending AMA CPT coding meeting decision expected this week or next and incremental positive coverage policy decisions over the past six months. Lastly, we believe management's recent actions of re-initiating enrollment in a prospective trial as well as undertaking new physician education programs reflect their confidence in the current strategy to drive reimbursement at both the federal (

) and private payor levels.” TranS1 closed Friday at $2.47.