JMP Securities analyst Liisa Bayko reiterated an Outperform rating on Retrophin, but is lowering her price target on shares to $26 from $32 after Fosmetpantotenate missed both primary and secondary endpoints in the Phase 3 FORT study for PKAN, formerly called Hallervorden-Spatz syndrome. The drug did not "demonstrate a difference between placebo on the primary endpoint" although it was generally safe and well tolerated. Bayko had viewed the trial as a long shot, and called the results "disappointing but not unexpected." The analyst noted that Retrophin management decided to discontinue investment in the drug following the trial.