Pharmasset (NASDAQ:VRUS) Gets Positive Update on '7977 and '938

Citing another positive update on Pharmasset's (NASDAQ:VRUS) '7977 and '938, Baird sees the Phase 2 data release as a value-creation period.

Baird said, "Reiterate rating on another positive update for '7977 and '938 and robust catalyst flow. This latest in a series of positive/confirmatory updates reinforces our thesis that the ongoing Phase 2 data rollout should be a key value-creation period, and one where data already in-hand provides a relatively-higher degree of confidence. VRUS remains a top idea for smid-cap growth, with significant upside to our $54 target on continued success and robust 2011 catalyst flow."

Baird reiterates an "Outperform" rating on Pharmasset, which closed Thursday at $46.24, down $0.35, or 0.75 percent, Baird has a price target of $54 on them.