UPDATE: Deutsche Bank Cuts Target to $105 on Shire PLC

Deutsche Bank lowers its target price to $105 from $116 on Buy-rated Shire PLC SHPGY as PREVENT 2 failed to meet primary end points. Deutsche Bank notes, "Shire announced that PREVENT 2 – one of the two Ph 3 studies on Lialda for the treatment of diverticulitis – did not meet its primary endpoint of reduction in the rate of recurrence over a two year period. While there is another trial (PREVENT 1) that will read out later this year, the co has decided not to pursue a regulatory filing for this indication at this time." SHPGY closed at $94.75 a share on Friday.