UBS Analyst Calls Downside in Baxter (BAX) Shares Overdone

Shares of Baxter (NYSE: BAX) fell as much as 5.4 percent earlier amid concerns of pricing pressure in the IVIG market. The stock has since rebounded, but is still down about 2.2 percent to $54.86.

UBS analyst Rajeev Jashnani believes Wednesday's sell-off is well overdone. He said the weakness can be attributed to Aetna (NYSE: AET) comments suggesting Gamunex will be the only preferred IVIG brand drug.

Rajeev said he would be very surprised if a deal is struck amid the currently environment, however noted that he didn't have much insight into the contract between Aetna and Grifols for Gamunex.

UBS continues to rate shares of BAX a Buy with a $67 price target.

Shares of BAX are trading down 2.1 percent on the day to $54.92.

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