UPDATE: Oppenheimer Lowers Price Target on Zalicus to $3

According to Oppenheimer, Zalicus

target price is lowered to $3. Oppenheimer said that it is providing an update on its view of Zalicus following a call with management. “We did not explicitly factor in Exalgo royalties in our valuation, but given the weakness, we removed several companies with product sales/royalties from our comparables list, reducing our price target from $4 to $3/share.” Zalicus closed yesterday at $1.10.