BMO Capital analyst Gary Nachman lowered his price target for Horizon Pharma to $24 from $29 after the company announced that the Phase 3 trial for Actimmune in Friedreich's Ataxia missed its primary and secondary endpoints and development will be discontinued. The analyst says that while "clearly disappointing," the outcome is not too surprising given that he assigned a 50/50 chance of success. He still sees "solid growth" from Horizon's existing portfolio and maintains an Outperform rating on the shares. The stock is down 19%, or $3.67, to $15.72 in midday trading.