Theravance Biopharma (TBPH) PT Lowered to $21 at BTIG following trial miss

BTIG analyst Julian Harrison lowered the price target on Theravance Biopharma (NASDAQ: TBPH) to $21.00 (from $40.00) while maintaining a Buy rating.

The analyst commented, "Following the Phase 3 CYPRESS miss, we lower our PT to $21 from $40 after removing ampreloxetine from our model. The stock so far has traded within our previewed expectation for the outcome, and we believe upside relative to current price could be supported by Yupelri and residual Trelegy rights alone. While management noted additional analyses may be conducted as part of the wind-down that could support further regulatory discussions, there is no clear path forward for ampreloxetine today."

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