Rodman & Renshaw Downgrades PIP To Underperform

Rodman & Renshaw has downgraded shares of PharmAthene, Inc. (NYSE: PIP) to Underperform from Market Perform, and has set a price target at $2.50.

Rodman said that it believes the best-case scenario outcome of an ongoing lawsuit is already priced into the stock, adding that PharmAthene is more likely to trade down than up over the next 12 months.

This downgrade comes only a few months after James Altucher's widely-read bullish report on PIP, which outlined how the stock could go from $2 to $20.

PharmAthene closed Monday at $4.27.