Jefferies reiterates Cypress at buy

Cypress Bioscience, Inc. was reiterated by Jefferies & Co., Inc. analyst Adam Walsh at a buy rating despite the discontinuation of mirtazapine development for obstructive sleep apnea. Jefferies believes the ongoing second phase 3 milnacipran trial for fibromyalgia syndrome will yield positive results next year. Shares of the San Diego-based pharmaceutical company were up 16 cents, or 2.74%, at $6.00 on volume of 399,047 shares versus the three-month running average of 350,031 shares. (Nasdaq: BMET)

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