RBC lowers target for Forest

RBC Capital Markets analyst Douglas Miehm rated Forest Laboratories at sector perform, above average risk, with a lowered price target of $50, from $51 after the company's DIAS-2 trial was put on hold at the request of the independent Data Monitoring Committee. While the company has attempted to diversify away from its dependence on Lexapro, its pipeline products have provided negative news (Faropenem, milnacipran and desmoteplase). The analyst is concerned Forest's future ability to replace Lexapro's revenues by 2012 when the patent expires. Shares of the New York City-based pharmaceutical company were up 47 cents, or 0.98%, at $48.55. (NYSE: FRX)

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