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Shire maintained Outperform after lifitegrast study at Leerink

Leerink maintains an Outperform rating on shares of Shire after the company announced mixed Phase III study data for lifitegrast in dry eye disease. The firm thinks Shire is likely to conduct a third Phase III study, which it says would add one year to the development timeline. Leerink lowered its price target for shares to $154 from $158 and keeps an Outperform rating on the stock.