UPDATE: Oppenheimer Downgrades Raptor Pharmaceutical Corp. to Perform, Removes PT as Procysbi Adoption is Already Priced In

In a report published Wednesday, Oppenheimer analyst Boris Peaker downgraded the rating on Raptor Pharmaceutical Corp. RPTP from Outperform to Perform, and removed the $11.00 price target. In the report, Oppenheimer noted, “We are downgrading RPTP from Outperform to Perform and removing our $11 price target. While we expect Raptor to report a strong 3Q13, we believe that the market is already pricing in Procysbi adoption by 80%+ patients in the US and EU at current valuation. While we do not see any headwinds to the drug in the US, we believe that EU reimbursement may be more challenging, and at current valuation we see downside to the stock if EU pricing is significantly weaker than in the US. We believe that the key upside for the stock is success in Huntington's Disease and/or NASH, both of which we view as very risky at this time.” Raptor Pharmaceutical Corp. closed on Tuesday at $14.10.