Stifel analyst Annabel Samimy downgraded Supernus Pharmaceuticals to Hold from Buy with a price target of $23, down from $55. The analyst cites the Phase 3 miss for SPN-810/IA for the downgrade, an asset he views a "critical replacement" for Trokendi. While Supernus is holding out for the second Phase 3 result before determining the program's viability, the analyst says he can no longer count on SPN-810's contribution given a likely extended development pathway, even if the second trial is successful. Further, more disappointing is the third revenue miss this year, Samimy tells investors in a post-earnings research note. Reduced growth prospects for Trokendi, "insufficient offset" from Oxtellar, and removal of SPN-810 "has meaningfully impacted future cash flows," says the analyst.