As previously reported, Piper Jaffray analyst Edward Tenthoff double downgraded Anthera to Underweight from Overweight after the company's Phase 3 trial of Sollpura missed the primary non-inferiority endpoint of Coefficient of Fat Absorption in patients with cystic fibrosis with exocrine pancreatic insufficiency, or CF-EPI. Tenthoff, who expects Anthera will further reduce headcount in order to focus on strategic alternatives, cut his price target on Anthera shares to 10c from $4 based on his value for blisibimod of $5M, less the company's net debt. In morning trading, Anthera has plunged 80% to 52c per share.