UPDATE: MLV Raises Transcept Pharmaceuticals' PT

According to a research report published earlier today, MLV & Co. has increased Transcept Pharmaceuticals' (NASDAQ: TSPT) PT from $21 to $24.

MLV & Co. said in the report, “As Transcept prepares to collect royalty revenue for the first time from sales of its insomnia drug Intermezzo® (zoldipam tartrate, sublingual), we expect 2012 will be a transformational year for the company as it moves toward profitability in 2014 (as we project). Commercial launch is expected next month.”

MLV & Co. maintains its Buy rating on Transcept Pharmaceuticals, which closed Friday at $9.84.