UPDATE: Deutsche Bank Cuts Target on Anthera Pharmaceuticals to $14
Deutsche Bank cuts its target price on Buy-rated Anthera Pharmaceuticals (NASDAQ: ANTH) to $4 from $14 following Friday's trial failure announcement.
Deutsche Bank says, "Post market close Friday, Anthera announced failure of pivotal VISTA-16 trial (varespladib for ACS). Although unfortunate, this is not a big surprise because it was a speculative asset with high reward. Thesis now rests on PEARL-SC (B-mod in lupus). Results are due in Q2:12. We continue to believe B-mod has higher likelihood of success & see upside from current levels even if it is not differentiated from Benlysta. Differentiation would provide further upside."
ANTH closed at $6.42 on Friday.
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