Allergan shares to rebound after ‘widely expected’ failure, says Mizuho

Mizuho analyst Irina Koffler expects shares of Allergan to rebound following the “disappointing” results for its Phase III antidepressant, Rapastinel. The analyst previously attributed $3 per share in value to the program, with a 5% stock move in either direction, and notes that expectations were already low after management downplayed the product on its recent earnings call. She believes the failure was “widely expected” and reiterates a Buy rating on Allergan with a $200 price target.
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