Piper Jaffray Neutral On Santarus (SNTS)

Piper Jaffray has a Neutral rating on Santarus Inc. SNTS and a $3.50 price target after the company presented at a Piper Jaffray conference. In a note sent to clients, Piper Jaffray writes, "Yesterday, Santarus presented at the Piper Jaffray Healthcare Conference. Management provided additional color on its newest commercially available product, Cycloset (bromocriptine), as well as its pipeline, including budesonide MMX for ulcerative colitis (UC), rifamycin SV MMX for traveler's diarrhea (TD) and potentially hepatic encephalopathy (HE), and Rhucin, a recombinant C1 inhibitor for the treatment of acute hereditary angioedema (HAE). Though these represent opportunities for longer-term value creation, we continue to believe cash flows for the 2011-2012 will be relatively modest, and would therefore remain on the sidelines. We reiterate our Neutral rating and $3.50 PT." Shares of SNTS closed at $2.76 yesterday, down 1 cent.