January 28, 2013 at 13:59 PM EST
UPDATE: Piper Jaffray Cuts PT to $32 on Theravance Following New Convertible Offering
Piper Jaffray reiterated its Overweight rating on Theravance (NASDAQ: THRX ) and lowered the price target from $35.00 to $32.00. Piper Jaffray commented, “We are reiterating our OW rating on THRX shares, but lowering our PT to $32 from $35 following a $287.5mn convertible offering. We believe current valuation assumes
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