- RBC Capital Markets has downgraded its recommendation on Circassia Pharmaceuticals [LON:CIR] to sector perform (from top pick) following the company's cat-SPIRE PIII results, which failed to show a statistically significant benefit in efficacy over placebo after a year of treatment.

The broker said: "Our key risk to the investment case was that the PIII result could have negative implications to the rest of the SPIRE assets.

"That risk has materialised and we remove all SPIRE assets (and associated costs) from our valuation until further updates from the company."

Analysts have slashed their price target to 105 pence a share from 430 pence.

Stifel downgraded the stock to hold from buy after removing the company's allergy programmes from its forecasts while the company determines its future focus.

Peel Hunt moved its share rating to add from buy and cut its target to 160 pence (from 509 pence).

Meanwhile, JP Morgan Cazenove stuck with its overweight call but pegged its target back to 170 pence (from 410 pence).

At 2:37pm: [LON:CIR] Circassia Pharmaceuticals Plc Ord 0.08p share price was +6.78p at 97.78p

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