BofA/Merrill analyst Tazeen Ahmad downgraded Adamas Pharmaceuticals (ADMS) to Underperform and lowered his price target to $5 from $9. The analyst cites indications of a "limited" uptake of ADS-5102 by doctors in multiple sclerosis, adding that the drug's phase 2 trial data have demonstrated comparable response and more safety concerns than the current standard-of-care with Ampyra made by Acorda Therapeutics (ACOR). Ahmad is also increasing his discontinuation rate assumption for '5102 to 30% and lowers his risk-adjusted peak sales estimate to $324M from $365M.