UPDATE: CK Cooper & Company Initiates Pain Therapeutics at Buy with $12 PT on Remoxy NDA Catalyst

CK Cooper & Company initiated its coverage on Pain Therapeutics PTIE with a Buy rating and a price target of $12. CK Cooper & Company commented, "Rather than risk the chance that we miss time an impending update on Remoxy, we are initiating coverage of Pain Therapeutics PTIE with a BUY rating and $12.00 target price. Our decision to initiate is driven by our belief the shares will begin to run up once Pfizer makes clear its timing for re-submission of Remoxy's NDA. Though speculative in nature we think the risk-reward ratio is balanced in favor of investors with the stock having about 50% downside risk compared to upside potential that is multiples of its current price." Pain closed at $4.05 on Thursday.