UPDATE: Piper Jaffray Raising Price Target On ViroPharma (VPHM)

Piper Jaffray is raising its price target on shares of ViroPharma VPHM to $23 from $20, and it has an Overweight rating on shares. In a note to investors, Piper Jaffray writes, "We are raising our U.S. sales estimates for Cinryze to $259 million from $253 million this year based on continued momentum in new patient adds. We see further growth opportunities for Cinryze in 2012 and beyond. The European Medicine's Agency (EMEA) recently adopted a positive opinion for Cinryze in hereditary angioedema (HAE) clearing the way for a potential market approval. As a result, we are increasing our price target to $23 from $20." Shares of VPHM lost $2.14 yesterday to close at $19.67, a loss of 9.8%.