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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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"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.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.