Today's upgrade by Piper Jaffray is interesting because on 13 August, mid-day, after the announcement of the very positive Grafix clinical results and after the price of OSIR skyrocketed toward $20+, Piper downgraded Osir from overweight to hold. In other words, their thinking was that the morning's pop into the $20s had gone far enough and they were not recommending chasing the stock at those levels. Now, on no new public information, they believe $16+ is a bargain. Very interesting.
Thought we might want to know the full message from Piper. Thanks Vince
In a report published Wednesday, Piper Jaffray analyst Edward A. Tenthoff upgraded the rating on Osiris Therapeutics (NASDAQ: OSIR [FREE Stock Trend Analysis]) 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