Mizuho analyst Difei Yang lowered her price target for Concert Pharmaceuticals to $18 from $29 after the company's partner Avanir on Friday reported negative top-line results from the second Phase 3 study of AVP-786 for the treatment of moderate-to-severe Alzheimer's agitation. The analyst no longer takes into account the AVP-786 program into Concert's valuation. However, she continues to believe Concert's CTP-543 has the potential of being best in case for treating Alopecia Areata, and she notes the company has about $6 per share in cash. Yang reiterates a Buy rating on Concert Pharmaceuticals.