- Research analysts at Cantor Fitzgerald have downgraded their investment rating on specialty biopharmaceutical company Circassia [LON:CIR] to hold from buy following the failure of the Phase III Cat-SPIRE immunotherapy trial, which it described as a "major disappointment".

The broker added: "While further analysis and data from ongoing studies will hopefully provide greater insight, we suspect that this result calls into question the future of Circassia's approach and as such, management has been prudent in culling investment here.

"We have removed all allergy revenues and reduced associated costs."

Cantor slashed its target price to 110 pence a share from 500 pence.

At 1:47pm: [LON:CIR] Circassia Pharmaceuticals Plc Ord 0.08p share price was +1.2p at 103.4p

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