BofA/Merrill downgraded Adamas Pharmaceuticals to Neutral from Buy and cut its price target to $25 from $38. Analyst Tazeen Ahmad’s checks with physicians indicate Gocovri dropouts are occurring, doctors may be looking at other options, and Gocovri’s value proposition is not fully appreciated. Ahmad believes Gocovri is differentiated by its time release biology, but said the level of doctors excitement is still in the middle range and is taking longer than previous expectations to become a “go-to drug.” The analyst also said the launch of Osmotica Pharmaceuticals’ Osmolex ER could impact pick-up and lowered Gocovri’s peak sales estimate to $428M from $553M.
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