Piper Jaffray Reiterates Overweight Rating On WPI

Piper Jaffray has issued a report reiterating and Overweight Rating on Watson Pharmaceuticals WPI. According to the report, "With KV significantly cutting the price of its weekly progesterone injectible for the prevention of pre-term birth, known as Makena, we do not envision a diminished opportunity for Watson's Prochieve given that it is already far cheaper, and given that progesterone suppositories in our view are not as readily available (or as easy to make) at compounding pharmacies as injectibles." WPI has a $62 Price Target and closed at $56.51 on Friday.