Equity analysts at HSBC have downgraded their investment rating on Shire Pharmaceuticals (LON:SHP) to 'reduce' (from 'hold'), despite the company reporting positive data from the HELP study investigating lanadelumab.
The bank added: "Although the shares have valuation support (on Core and underlying earnings), the risk to Shire's long-term ROIC on the Baxalta deal if competition in haemophilia gets notably more severe."
Target price reduced to 4,450p from 4,550p.
Meanwhile, Barclays Capital stuck with its 'overweight' call and 6,500p target.
Elsewhere, Berenberg downgraded its recommendation on precious metal miner Polymetal International (LON:POLY) to hold (from buy) saying the recent strong run leaves little upside, despite lifting its price target to 1,050p a share (from 960p).
The broker said: "We continue to like Polymetal's investment story, especially the quality of capital allocation and equally attractive cash returns, but now see the investment case as fully valued."
(LON:POLY) Polymetal International PLC share price was -1.5p at 1057.5p
(LON:SHP) Shire PLC share price was +9p at 4823.5p