UPDATE: Canaccord Genuity Upgrades Tranzyme (TZYM) to Buy; Raising Chances of TZP-102 Success

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(Updated - August 13, 2012 8:38 AM EDT)

Canaccord Genuity upgraded Tranzyme (NASDAQ: TZYM) from Hold to Buy. PT raised from $3 to $7.

Analyst, Ritu Baral, said, "Raising rating on increased chance of success of TZP--102 in diabetic gastroparesis. Post uli, our valuation is now driven solely by the potential of Ph2 candidate TZP-102 for gastroparesis. It may have a different clinical risk profile from uli based on differences between POI and gastroparesis. We are raising our pNPV-based target from $3 to $7 based on a higher chance of TZ-102’s clinical and regulatory success."

For an analyst ratings summary and ratings history on Tranzyme click here. For more ratings news on Tranzyme click here.

Shares of Tranzyme closed at $4.24 yesterday, with a 52 week range of $1.68-$5.64.

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