Epizyme (NASDAQ:EPZM) had its buy rating reissued by analysts at Citigroup Inc.. The firm currently has a $32.00 target price on the stock, down from their previous target price of $42.00. The analysts wrote, “We remain supportive of EPZM, while understanding of the initial stock reaction to early data from the P1 trial of their lead epigenetic drug, EPZ-5676, based on previously high expectations. Our assessment of the data is that it’s too early to form any conclusions; however, until further clarity on additional optimization is available, we are trimming our sales projections based on today’s results. We maintain our Buy rating on EPZM and are lowering our TP to $32 from $42.”
The more I see of this game the more I get sick of conflicts that only benefit the insider. Citigroup analysts will tell you they are independent. But who managed EPZM's IPO?
Citigroup of course...
"Citigroup, Cowen and Company and Leerink Swann LLC are acting as joint book-running managers for the offering. JMP Securities LLC and Wedbush Securities Inc. are acting as co-managers."