UPDATE: Piper Jaffray Downgrades LipoScience on Revised Guidance

In a report published on Friday, Piper Jaffray analyst William R. Quirk downgraded

from Overweight to Neutral and lowered the price target on the company from $14 to $6. In the report, Piper Jaffray stated, "LipoScience released preliminary 2Q13 results with revenue once again falling short of expectations, resulting in lower F2013 guidance. Management attributed the disappointing performance to increased managed care headwinds, offsetting continued growth at key customers (e.g. HDL). With LipoScience now publicly disclosing its financial results, we suspect the company's gross margin could also be an issue with its lab partners (i.e. pricing pressure)." LipoScience closed on Thursday at $6.43.