Jefferies ups Cypress to hold

Cypress Bioscience Inc. was upgraded by Jefferies & Co. Inc. analyst Adam Walsh to a hold rating from underperform with a maintained $6 price target. The long-term potential of Milancipran for fibromyalgia and Mirtazapine for obstructive sleep apnea appears promising, as does the $3.08 residual cash on the balance sheet. The company recently indicated that the FDA will allow changes on the phase 3 trial of Milancipran but won't result in a statistical penalty. Shares of the San Diego biotechnology company were up 49 cents, or 10%, at $5.39 on volume of 1,326,882 shares versus the three-month running average of 1,122,330 shares.

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