UPDATE: Brean Murray Carret Downgrades Theravance to Hold on Valuation

Brean Murray Carret reduced its rating on Theravance (NASDAQ: THRX) from Buy to Hold and suspended its $24 price target.

Brean Murray Carret commented in the report, "With the stock up ~55% since our initiation report on March 12, 2012 at $18.01 vs. a flat S&P index, we believe the current market cap is more reflective of our fundamental view of the THRX opportunity and we would look for a better entry point. Our rating, therefore, has been downgraded to Hold as the recent move in the stock has put the share price in closer alignment to our valuation."

Theravance closed at $27.93 on Tuesday.