Jefferies upgrades Cypress Bioscience to buy

Cypress Bioscience, Inc. was upgraded to buy from hold by Jefferies & Co., Inc. analyst Adam Walsh. The analyst increased his price target to $14 from $6 based on increased confidence that the milnacipran phase 3 trials will have positive results. Significant share price appreciation is expected ahead of phase 3 data anticipated in mid-2007. Shares of the San Diego, Calif., pharmaceutical company were up $0.46 or 6.22%, at $7.85 on volume of 1,202,543 shares versus the three-month running average of 284,348 shares. (Nasdaq: CYPB)

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