UPDATE: Jefferies Raises PT on Cubist Pharmaceuticals

Jefferies is out with its report today on Cubist Pharmaceuticals

, raising its PT from $36 to $44. In a note to clients, Jefferies writes, "CBST's CXA-201 is potentially the most potent Gram-negative antibiotic in development (Phase 3 to begin by YE11), particularly for the most worrisome pseudomonas infections. We are introducing CXA-201 potential in our model and increasing our PT to $44 from $36." Shares of CBST closed Wednesday at $36.87, down 4.31% from Tuesday's close.