UPDATE: Oppenheimer Downgrades Somaxon Pharmaceuticals to Perform

Oppenheimer is out with its report today on Somaxon Pharmaceuticals

, downgrading SOMX from Outperform to Perform. In its report, Oppenheimer writes, "We are downgrading shares of SOMX from Outperform to Perform and removing our $6 price target. Our downgrade is based on market adoption of Silenor having been weaker than originally anticipated, and adoption may not materially improve near term." At the time of posting, shares of SOMX were trading at $0.94, up 2.18% from Wednesday's close.