Stifel analyst Annabel Samimy said he believes the rapastinel program is likely over after Allergan’s drug failed its three pivotal trials in adjunctive treatment for acute Major Depressive Disorder, or MDD. While he believes it was one of the anticipated “must-succeed” programs within Allergan’s pipeline, Samimy noted the company does have additional programs in its deep pipeline, the most near-term that could be of interest being abicipar for wet AMD. Samimy lowered his price target on Allergan shares to $175, adding that he questions whether the company needs to reconsider business development in the context of defining its broader strategy. He maintains a Hold rating on Allergan shares.
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