Abbott Laboratories, Perrigo, Amphastar Pharmaceuticals Downgraded

Abbott Laboratories, Perrigo, Amphastar Pharmaceuticals received bearish analyst attention ahead of today's open

Mar 14, 2017 at 10:08 AM
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Analysts are weighing in on healthcare stocks Abbott Laboratories (NYSE:ABT), Perrigo Company plc Ordinary Shares (NYSE:PRGO), and Amphastar Pharmaceuticals Inc (NASDAQ:AMPH). Here's a quick roundup of today's bearish brokerage notes on ABT, PRGO, and AMPH shares.

Abbott Laboratories Stock Tests Key Moving Average After Downgrade

ABT is down 1% this morning to trade at $45.203, following a downgrade to "market perform" from "outperform" at BMO. The stock could find support at its rising 20-day moving average, however, a trendline it hasn't closed below in 48 days. It seems Abbott Laboratories options traders were prepared for the pullback, too, considering ABT just touched an annual high of $45.84 last week. The stock has a 10-day put/call volume ratio of 3.22 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the 98th annual percentile. 

Perrigo Shares Extend Long-Term Downtrend

PRGO stock has been grinding lower over the past year, touching a six-year low of $68.73 this morning, after Deutsche Bank trimmed its outlook. The brokerage firm cut its price target to $87 from $93 -- though that still represents a hefty premium to today's perch at $68.85. Nonetheless, more bearish analyst attention could come through on Perrigo Company plc Ordinary Shares -- the former CEO of which now heads beleaguered Valeant Pharmaceuticals Intl Inc (NYSE:VRX). At the moment, four brokerage firms still rate the stock a "strong buy," versus 10 "holds," and no "sell" ratings. 

Amphastar Dives After Earnings, Bear Notes

AMPH is selling off today, following the company's fourth-quarter earnings release last night. Raymond James reacted by cutting its rating to "outperform" from "strong buy," and trimming its price target to $18 from $21, while BMO lowered its price target to $16 from $18. The stock has so far lost 11.3% to trade at $13.08, earning a spot on the short-sale restricted list, and putting Amphastar Pharmaceuticals Inc shares on pace for their lowest close since May. Elsewhere, a number of short sellers displayed excellent timing, since short interest on AMPH stock jumped by 16% during the past two reporting periods.  

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