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Shares of



fell 77% this morning after the company said it dropped plans to seek approval of relaxin to treat the skin disease scleroderma.

The company made the decision after the results of a Phase III trial didn't meet its primary goals.

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The stock was the biggest percentage loss leader in early morning trading as it fell $19.81 to $5.69 from Friday's close of $25.50.

UBS Warburg

cut its rating on Connetics to hold from a buy and lowered its price target to $10 from $24.

Lehman Brothers

also cut its rating to neutral from outperform and lowered its price target to $14 from $48.