As previously reported, Cowen analyst Eric Schmidt downgraded Emergent BioSolutions to Market Perform from Outperform following the company's announcement that it had received two solicitations from the U.S. government regarding its intention to procure anthrax vaccines. The analyst says the demand under a 5-year BioThrax contract is well short of expectations, and while a potential contract for its NuThrax is welcome, it lacks visibility on timing and does not make up for the shortfall. Schmidt lowered his price target on the shares to $33 from $40.