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Fly News Breaks for March 1, 2018
MYL, RVNC, AGN
Mar 1, 2018 | 08:48 EDT
Morgan Stanley analyst David Risinger lowered his price target on Allergan (AGN) to $181 from $200 following the news that Mylan (MYL) and Revance (RVNC) plan to develop a biosimilar Botox. While a potential biosimilar launch is likely several years away, the news is a "perception negative" that puts a long-term overhang on the durability of Allergan's most important franchise, said Risinger, who keeps his Overweight rating on Allergan shares.
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