Stifel analyst Adam Walsh downgraded Concert Pharmaceuticals to Hold from Buy and cut his price target on the stock to $8 from $18 after partner Avanir reported that AVP-786's Phase 3 trial in Alzheimer's agitation failed. Avanir's press release on the news "disclosed little beyond the top-line failure," but with AVP-786 missed on both the primary and key secondary endpoints so Walsh said the "drug is now a show-me story at best." He has completely removed AVP-786 milestones and royalties from his estimates and thinks shares should be valued based solely on pipeline products CTP-543 and CTP-692, Walsh stated.