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.

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.