Morgan Stanley analyst David Risinger downgraded Allergan to Equal Weight from Overweight, stating that he lost confidence in its pipeline optionality after management appeared to downplay key first-half catalyst rapastinel for depression on the company’s earnings call. He also lacks conviction in the safety of ubrogepant for migraine since details on liver toxicity have not yet been disclosed, Risinger added. The analyst, who now thinks pipeline and growth uncertainty will continue to constrain the stock’s valuation despite shares being inexpensive, lowered his price target on Allergan shares to $156 from $183.
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