UPDATE: Piper Jaffray Raises PT on Salix Pharmaceuticals from $47 to $50

Piper Jaffray has published a research report on Salix Pharmaceuticals SLXP raising the price target on the pharmaceutical developer. In the report, Piper Jaffray wrote, "Last night, Salix reported 2Q11 non-GAAP diluted EPS of $0.54, ahead of the Street estimate of $0.49. Xifaxan sales of $87M came in largely in line with our estimate. SLXP reiterated its 2011 guidance of $520M in revenue and GAAP pre-tax income of $110M, though with Xifaxan demand running at near $380M-$400M for the year, we believe guidance is conservative." Piper Jaffray rated Salix Pharmaceuticals an Overweight with a price target raised from $47.00 to $50.00. Salix Pharmaceuticals closed Monday at $32.70.