Baird Downgrades Theravance Biopharma (TBPH) to Underperform
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) in Advanced Talks to Acquire B/E Aerospace (BEAV) - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Baird downgraded Theravance Biopharma (NASDAQ: TBPH) from Neutral to Underperform with a price target of $24.00 (from $19.00), saying valuation is ahead of itself.
Analyst Brian Skorney commented, "Theravance has done a great job building enthusiasm for its Jak inhibitor programs, which could be differentiated in the hot IBD space, while also making the case for the multiple shots on goal that characterize the company's remaining pipeline. But a long path to approval and significant spend along the way makes the current valuation appear unsustainable and we think the stock is likely to see a correction. As a result, we are downgrading to Underperform and setting a target price of $24."
Shares of Theravance Biopharma closed at $37.44 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Theravance Biopharma (TBPH) PT Raised to $35 at Leerink Partners
- Jefferies Cuts Price Target on Packaging Corp. (PKG) to $93; Reiterates Buy
- Jefferies Raises Price Target on ICON plc (ICLR) to $87.50; Reiterates Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades, Hot Downgrades
Related EntitiesRobert W Baird
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!