UPDATE: Credit Suisse Downgrades Sucampo Pharmaceuticals On Valuation

In a report published Monday, Credit Suisse analyst Ravi Mehrotra downgraded the rating on

from Neutral to Underperform, but raised the price target from $10.00 to $13.00. In the report, Credit Suisse noted, "We are increasing our TP to $13 (from $10) and downgrading SCMP to underperform. We remain concerned about the longer term competitive threats to SCMP's base business from IRWD's Linzess, which enjoys a superior clinical profile and efficacy. Additionally, while we are sympathetic to its pipeline efforts, we do not believe that it has the potential to achieve a paradigm upward shift in SCMP's outlook." Sucampo Pharmaceuticals closed on Friday at $15.38.