UPDATE: Piper Jaffray Lowers PT on Nanosphere to $2.60

Piper Jaffray is out with its report today on Nanosphere NSPH, lowering its PT to $2.60 from $3.40. In its report, Piper Jaffray writes, "We remain Neutral, applying our unchanged 8.5x 2012 EV/Rev multiple on lower revenue yields a $2.60 price target (44.8M shrs, $0.25 net cash/sh, rev $12.0M)." Piper Jaffray maintains Neutral on NSPH. Shares of NSPH closed Tuesday at $1.47, up 6.52% from Monday's close.