UPDATE: Piper Jaffray Upgrades Osiris Therapeutics to Overweight on Strong Biosurgery Growth

Piper Jaffray upgraded Osiris Therapeutics OSIR from Neutral to Overweight and maintained a $11.50 price target. Piper Jaffray commented, "Osiris is blowing the doors off Biosurgery sales: up 284% yr/yr and 36% sequentially to $2.9 million in 4Q:12 and totaling $7.8 million for 2012. We now forecast Biosurgery sales growth of 123% to $17.5 million this year. Based on this robust growth, we are upgrading Osiris to Overweight and maintaining our $11.50 price target. Keep in mind that Osiris regained full rights to Prochymal from Genzyme/Sanofi and is now free to sign a new global licensing partnership." Osiris Therapeutics closed at $6.91 on Tuesday.