Wedbush Downgrades EPIRUS Biopharmaceuticals (EPRS) to Neutral

Wedbush downgraded EPIRUS Biopharmaceuticals (NASDAQ: EPRS) from Outperform to Neutral with a price target of $2.00 (from $11.00) as the company shifts its business model to focus on biosimilars for rare diseases.

Analyst Heather Behanna commented, "Epirus is shifting its business model to focus on biosimilars for rare diseases. It looks to license out its Remicade and Humira biosimilar programs and focus its resources on pipeline assets for Soliris and Actemra biosimilars. Overall, we believe this strategy should reduce costs, widen revenue margins and potentially create a niche for Epirus that has little competition. However, we are stepping to the sidelines ahead of a year of little news flow or clarity on pipeline progress outside of potential partnering activities."

For an analyst ratings summary and ratings history on EPIRUS Biopharmaceuticals click here. For more ratings news on EPIRUS Biopharmaceuticals click here.

Shares of EPIRUS Biopharmaceuticals closed at $1.08 yesterday.

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