B. Riley downgraded Theravance Biopharma (TBPH) to Neutral from Buy with a price target of $14, down from $28. The company reported that the Phase 3 CYPRESS study evaluating ampreloxetine in symptomatic neurogenic orthostatic hypotension due to multiple system atrophy failed to meet its primary endpoint, the analyst tells investors in a research note. Riley says the absence of a statistically significant symptomatic benefit is an “unexpected surprise.”
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