UPDATE: Oppenheime Downgraded Zalicus

In a report published Monday, Oppenheimer analyst Boris Peaker downgraded

from Outperform to Perform and removed the $12.00 price target after disappointing Phase II studies of Z160. Z160 was being evaluated in a Phase IIa for lumbosacral radiculopathy (LSR) and a second phase for postherpetic neuralgia (PHN) to demonstrate an improved bioavailability. The studies of Z160 did not demonstrate any difference from the placebo. Peaker reported, "Zalicus announced it will discontinue the development of Z160 and focus its efforts on Z944." Zalicus closed at $4.69 on Friday and is currently trading down 72.28%.