Janney Capital analyst Debjit Chattopadhyay lowered his fair value estimate for Tesaro (TSRO) to $120 from $139, stating he expects competitor Clovis (CLVS) to get a broad label unencumbered by a companion diagnostic after its ARIEL3 data for its own PARP inhibitor. Given he expects AstraZeneca's (AZN) PARPi label to reflect both g+sBRCA patients, he tell investor the second-line maintenance segment will likely be "hypercompetitive" and potentially favor Astra. Chattopadhyay keeps a Neutral rating on Tesaro, but added he recognizes a buyout "in the $150 to $160 range" might be appealing to a buyer needing oncology assets.