Assertio downgraded to Hold at Lake Street after takeover agreement

As previously reported, Lake Street downgraded Assertio (ASRT) to Hold from Buy with a price target of $18, down from $45, after the company announced it will be acquired by Garda Therapeutics for $18 per share, or $125.1M in total, plus a non-tradeable CVR tied to Sprix milestones. Assertio retains a 20-day go-shop period to entertain competing bids, though given that more than 35 third parties were already engaged during the strategic review, the firm sees limited probability of a superior offer, the analyst added.