As a result, three analysts from BMO, Citi, and JP Morgan downgraded shares.
Citi's Yigal Nochomovitz cut his rating to neutral from buy and also trimmed his price target to $53 from $121 (~7% upside based on Wednesday's close).
He noted that the data is "not, in our opinion, clearly superior to the benchmarks cited by" the company.
BMO David Seigerman is not optimistic about the combination's future as he projects a "long, expensive, and challenging path to Phase 3 data."
Seigerman lowered his rating to market perform from outperform and cut his price target to $59 from $110 (19% upside).
