Ipsen: shares fall after BofA-ML downgrades to underperform
(CercleFinance.com) - Ipsen shares are down in late morning trading on Friday, after Bank of America-Merrill Lynch downgraded the French drugmaker to "underperform" with a target price of 105 euros.
"On Ipsen, we expect Somatuline generic overhang to persist in the interim, until visibility on erosion rates becomes clear," wrote BofA-Merrill Lynch analysts in a note on the European pharma sector.
They said shares will trade at a discount to the EU pharma sector, given uncertainty surrounding extent of Somatuline generic competition.
Ipsen shares are down 3.7% at 88 euros in late morning trading on Euronext Paris.
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