JPMorgan double downgrades Dova on ‘underwhelming’ Doptelet launch

JPMorgan analyst Anupam Rama double downgraded Dova Pharmaceuticals to Underweight from Overweight and cut his price target for the shares to $20 from $34. While the analyst continues to view Doptelet “as a largely de-risked asset from a clinical standpoint,” he believes focus in the near term will be on the launch in chronic liver disease, which he says “has underwhelmed thus far.” Further, Rama thinks it may take several quarters for new management to put into motion a revised strategy. As such, he thinks Dova shares will underperform in the first half of 2019.
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