Leerink analyst Jason Gerberry lowered his price target for Shire (SHPG) to $220 after the company received a complete response letter for lifitegrast for treatment of dry eye disease. The lifitegrast FDA action date, which is now pushed out by around nine months, was Shire's primary near-term catalyst, Gerberry tells investors in a research note. Thus, any revised takeover offer for Baxalta (BXLT) would need to include more Shire equity with at least a 20% markdown versus the original offer, the analyst tells investors in a research note. He expects Shire to move forward with a revised bid. The analyst keeps a Market Perform rating on the stock.