Ipsen: Morgan Stanley reduces target price

(CercleFinance.com) - Morgan Stanley on Thursday maintained its "underweight" rating on Ipsen shares, while reducing its target price for them from 90 euros to 80 euros, in order to take into account a less favourable outlook for Somatuline, the French biopharmaceutical group's flagship product.


The broker said that it expects the generic version of the anti-tumour drug produced by India's Cipla to continue to take market share from Ipsen's drug.

This is already happening in Europe, it says, where the emergence of biosimilars is also affecting Sandostatin, the company's haemorrhage treatment, with a price-penalising effect.

The market isn't too pleased with the share either, with it currently down 3.5% at almost 81.5 euros.

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