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<strong>ARK THERAPEUTICS<br /></strong>KBC Peel Hunt has reduced its target price for Ark Therapeutics from 20p to 15p, and repeated its &ldquo;sell&rdquo; recommendation. Non-payment of fees lost the pharmaceutical company a licence from Circadian Technologies, and Peel Hunt believes arbitration could take 12 months. Concerns also linger over a brain cancer treatment.<br /><br /><strong>RANK GROUP<br /></strong>Panmure Gordon has repeated its &ldquo;buy&rdquo; recommendation for European gaming business Rank Group. Growth potential for its casino division and underperforming shares give the business an attractive value. Dividend payments are expected to resume within the next 12 months. Panmure has set a price target of 113p.<br /><strong><br />REED ELSEVIER</strong><br />Charles Stanley has downgraded to a &ldquo;hold&rdquo; recommendation after the shock departure of Reed Elsevier&rsquo;s chief executive Ian Smith, after he spent only eight months in the role. Smith, who Elservier says lacked sufficient experience to lead the company in such a tough economic climate, has been replaced by Erik Engstrom.