UPDATE: Piper Jaffray Upgrades Osiris Therapeutics, Pull-Back Offers Attractive Entry Point
In a report published Wednesday, Piper Jaffray analyst Edward A. Tenthoff upgraded the rating on Osiris Therapeutics (NASDAQ: OSIR) from Neutral to Overweight, and reiterated the $21.00 price target.
In the report, Piper Jaffray noted, “In July, Osiris reported interim results on Grafix in Diabetic Foot Ulcers (DFUs) that met pre-specified stopping rules for overwhelming efficacy (62% complete wound closure vs. 21% on standard therapy, p<0.0001). Osiris presented seven abstracts at the Fall Symposium on Advanced Wound Care (SAWC) last weekend and will present full DFU data at the Desert Foot Conference in November. We anticipate these results will facilitate Grafix's reimbursement in DFU, contributing to significant Biosurgery sales growth in 2014 and beyond. OSIR shares have pulled back (OSIR shares more than doubled the day of the positive DFU data, in part due to short covering, and have now settled back down to a more normalized trading range and volume), thus presenting the opportunity to upgrade back to Overweight with our current $21 price target.”
Osiris Therapeutics closed on Tuesday at $16..73.
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