Wells Fargo analyst David Maris expects the Street to be happy about last night's FDA approval of Valeant Pharmaceuticals' Relistor but disappointed in the outcome of the FDA panel for brodalumab. Relistor subcutaneous injection is already on the market and the new oral formulation is expected to expand the market for the brand, Maris tells investors in a research note. He adds that while an FDA panel recommended approval yesterday of brodalumab, it also recommended that approval include significant risk management options beyond the label. These measures may severely limit the use of the psoriasis treatment, Maris contends. He expects investor attention to now turn to Valeant's upcoming Q2 results and outlook for the second half of 2016. He believe the company's trends "have not been positive." Maris keeps an Underperform rating on Valeant with a $17-$22 price target range. In pre-market trading, the shares are up 4% to $24.43.