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Fly News Breaks for November 4, 2015
RTRX
Nov 4, 2015 | 14:30 EDT
Leerink analyst Joseph Schwartz reiterates an Outperform rating on Retrophin with the stock down 16% after Senators Susan Collins and Claire McCaskill announced a bipartisan Senate investigation into the company's drug pricing. Schwartz believes this is a formal inquiry "at best" with potentially minimal-to-no legal ramifications, but admits there is no direct precedent to such requests or hearings. Management currently does not envision any "worst case scenarios," he tells investors in a research note after speaking to them. He expresses agreement with management over the company being "unfairly positioned" in the conversation around price gouging. Retrophin is trading down $3.43 to $18.39 in afternoon trading.
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