ISTA Pharmaceuticals Inc. (ISTA)

[mlkrborn]

ISTA $5.00

July 29, 2011, 10:22 a.m. EDT
Ista plunges 28% on study failure, downgrades



By Val Brickates Kennedy



BOSTON (MarketWatch) -- Shares of Ista Pharmaceuticals /quotes/zigman/89471/quotes/nls/ista ISTA -31.39% plunged 28% to $5.16 early Friday, the day after it released a disappointing quarterly-earnings report and poor preliminary results from a Phase III study for its ophthalmology drug Remura. As a result, Stifel Nicolaus on Friday lowered its rating of the stock to hold. RBC Capital, meanwhile, maintained its outperform rating, but lowered its price target to $12 from $15.