Transcept Pharmaceuticals, Inc. (TSPT) received a “buy” reiteration today from securities research analysts at investment firm MLV Capital. The firm however did cut their performance outlook for TSPT and adjusting their price target from $20 to $15 dollars. MLV Capital noted that their target cut is based on the company delaying their Intermezzo product by 12 months (assumed) however MLV notes they remain upbeat about Intermezzo and find it is still a viable product.
The market has not been kind to TSPT, it has lost nearly three times its share valuation in the span of just under two months. To add insult to injury, TSPT has hit another 52-week low today by reaching $4.32. TSPT’s troubles became further accelerated on July 13th, 2011, with a massive bearish price gap and bearish momentum has yet to let up. MVL’s target cut surely did not provide any help to long-positioned shareholders of the company.
Transcept Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of proprietary products that address important therapeutic needs in the field of neuroscience. The company has market capitalization of $59,581,600 and 13,480,000 shares outstanding. TSPT has a 52-week high of $11.88 with the low being $4.64 dollars.