Baird Downgrades Theravance Biopharma (TBPH) to Underperform
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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.
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