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Analyst downgrades: CTXS, ACAD and TRGL

MOST NOTEWORTHY: Citrix Systems, Acadia Pharmaceuticals and Toreador Resources were today's noteworthy downgrades:
  • Friedman Billings downgraded Citrix Systems (NASDAQ: CTXS) to Market Perform from Outperform citing the departure of key executive John Burris, head of CTXS's sales and services organization. The firm lowered the target to $37 from $43.
  • Banc of America cut Acadia Pharmaceuticals (NASDAQ: ACAD) to Sell from Buy following news the company's Phase IIb trial with ACP-104 for the treatment of schizophrenia did not meet its primary endpoint.
  • Jefferies downgraded shares of Toreador Resources (NASDAQ: TRGL) to Underperform from Hold as they believe the breakdown in negotiations to sell a portion of the company's Black Sea interests raises concerns over financing and development efforts.
OTHER DOWNGRADES:

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Last updated: November 22, 2008: 08:57 AM

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