UPDATE: Bank of America Downgrades ViroPharma on 2Q Results

In a report published on Friday, Bank of America analyst Rachel McMinn downgraded ViroPharma VPHM from Buy to Neutral and maintained a price target of $34.

In the report, Bank of America stated, "Downgrading from BUY to Neutral Following 2Q results and a disappointing setback for subQ Cinryze, we are downgrading from BUY to Neutral. We believe that the near term outlook for VPHM's core US Cinryze franchise remains robust, but we lack conviction on the success of several of the company's (primarily pipeline) initiatives including: (1) ability to drive material growth from VPHM's EU business (2) subQ Cinryze development, which has longer-term implications for protecting the Cinryze franchise; this is compounded by competitor CLS Behring advancing subQ Berinert into Phase 3 in Oct 2013; (3) expansion of Cinryze beyond its current HAE indication; (4) maribavir development; and (5) US Plenadren timelines."

ViroPharma closed on Thursday at $32.