Cantor Fitzgerald last night downgraded Supernus (SUPN) to Neutral from Overweight with a price target of $36, down from $57. The firm cites the “disappointing” Phase 2b data from SPN-82 in treatment-resistant depression for the downgrade. While Supernus has a strong commercial footprint, share inflection points will need to come from pipeline optionality, which remains early, the analyst tells investors in a research note. After removing SPN-820 from its model, Cantor believes the shares are fairly valued to reflect Supernus’ commercial business and pipeline.
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