Piper Jaffray Reiterates Overweight on ViroPharma

Piper Jaffray reiterated its Overweight rating on ViroPharma VPHM. In a research report published today, Piper stressed its concerns about generic competition for the company's Vancocin drug. At the same time, Piper expressed its belief that the company's shares buyback program might push the price of the company's stock higher. In the report, Piper states, "Shares of VPHM have traded lower recently on increased concerns over generic competition for Vancocin since a U.S. District Court dismissed an action by ViroPharma against the FDA in April... We would be buyers of VPHM shares on any weakness following generic approval as we continue to forecast strong Cinryze growth and ViroPharma's buyback program to support shares. At the moment, Piper Jaffray has a price target of $23 place on the company's stock. On Friday, ViroPharma lost 1.5% of its value to close the week at $18.42.