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UPDATE: Bank Of America Downgrades Theravance As Pricing Headwinds Continue

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In a report published Thursday, Bank of America analyst Steve Byrne downgraded the rating on Theravance (NASDAQ: THRX) from Buy to Neutral, and lowered the price target from $34.00 to $31.00.

In the report, Bank of America noted, “Following comments from GSK on its 2Q14 results call on continued pressure on the branded COPD market from competitor discounting (resulting in challenging formulary coverage), we lowered our near and longer term sales expectations for Breo/Relvar and Anoro. Our caution is based on our view that higher discounting than we anticipated for all respiratory products is unlikely to meaningfully improve. Our changes resulted in a $3 impact to our NPV. We lower our rating to Neutral.”

Theravance closed on Wednesday at $25.32.

Latest Ratings for THRX

DateFirmActionFromTo
May 2015Cowen & Co.DowngradesMarket Perform
Jul 2014Bank of AmericaDowngradesBuyNeutral
Jun 2014StifelDowngradesBuyHold

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Posted-In: Bank of America Steve ByrneAnalyst Color Downgrades Analyst Ratings

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