Deutsche Bank Still Says Hold Inspire After Negative TIGER-2 Results

Deutsche Bank has published a research report on Inspire Pharmaceuticals ISPH after downgrading the company to Hold from Buy yesterday. In the report, Deutsche Bank writes "Early Monday, we downgraded Inspire shares to Hold, following the announcement of negative results for TIGER-2, the second pivotal Phase 3 trial for the company's cystic fibrosis drug candidate denufosol. As discussed before, this was to be a seminal event for the company, as denufosol was potentially the most valuable product in Inspire's portfolio and the only meaningful candidate left in its pipeline. Hence, even given the sharp 59% decline today, a Hold rating is now warranted." Deutsche Bank maintains its Hold rating and $4 price target. Inspire Pharmaceuticals closed yesterday at $3.47.