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Cadence Pharmaceuticals (CADX +1%) moves higher today, despite a tepid initiation by Piper with...

Cadence Pharmaceuticals (CADX +1%) moves higher today, despite a tepid initiation by Piper with a Neutral rating and a price target of $7. Piper notes that its survey of nearly three dozen surgeons showed the vast majority using a multi-modal approach to post operative pain. Half of those we polled are already using Ofirmev, and over a third of those polled are planning to use Ofirmev more frequently in the next 6-12 months. Given this feedback, Piper believs U.S. sales projections are realistic.
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