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Transcept Pharmaceuticals (TSPT)

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We are maintaining our positive bias on Transcept Pharmaceuticals (TSPT). We believe the stock is significantly undervalued at this level, and that the market is overly pessimistic on the ability of management to address the issues raised in the FDA's complete response letter from last October.

From what we have seen, management has an excellent plan to answer the questions brought up by the agency and we think everything could be ready to re-file by October 2010. That puts an action date in April 2011.

With nearly $90 million in cash still on the books at year-end 2009 and a market value of only $105 million, Transcept offers enormous upside once Intermezzo is finally approved by the FDA.

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