Piper Jaffray Reiterates Overweight on Clinical Data (CLDA)

Piper Jaffray is out with its research report on Clinical Data CLDA reiterating its Overweight rating. In its report, Piper Jaffray notes, "We remain optimistic that vilazodone will receive FDA approval by Monday, January 24th. We believe the drug has shown sufficient efficacy for approval and see no significant safety concerns. We see the possible reasons for a delay to be unforeseen non-clinical issues that would likely be addressable in 1-4 quarters. We reiterate our Overweight rating and our $23 price target. Our sum-of-the-parts target an EV of $733 million. From this we subtract FY11E net debt." CLDA is trading pre-market at $15.50, down 0.06% from Friday's close.