Mizuho analyst Irina Koffler downgraded Mylan to Neutral and lowered her price target for the shares to $37 from $50. The stock closed yesterday down 57c to $36.03. The analyst initially believed Mylan’s pipeline of complex generics and biosimilars would represent a “sustainable source of growth” relative to generic peers, but her view changed after more due diligence and competitor checks. The regulatory and commercial environment may remain less welcoming for biosimilars for at least several more years due to lack of physician and patient awareness, concerns about switching among non-interchangeable products, and economic barriers imposed by originator companies, Koffler tells investors in a research note. As such, the analyst sees increased execution risk and lowered her biosimilar estimates for Mylan. Further, she believes generic Advair approval is already anticipated in October, making the risk/reward unfavorable into the event.