I think your missing the forest for the trees. This wasn't a change in Goldman's public stance on the stock. It was a simple themed article sent out highlighting the similarities between three different equities and a peer of each that performed badly(all in different sectors). For all I know it was written by a summer intern that fished his copying duties early. But the points seem valid: sales are deteriorating, they are massively over staffed/ have excess inventory due to an overestimation of Incivek sales, management has no reason to listen to reasonable offers since their greatest upside is to continually enrich themselves with an absurd amount of stock options to the detriment of shareholders- that is until the stock collapses. I'm not saying it will, but it's acting horribly.