BioCryst price target raised to $15 from $14 at Jefferies

Jefferies analyst Maury Raycroft raised the firm’s price target on BioCryst (BCRX) to $15 from $14 and keeps a Buy rating on the shares following the announcement that the company will acquire Astria Therapeutics (ATXS) for $13 per share. The firm said the multiple reflects a discount likely due to crowded hereditary angioedema landscape, potential clinical/regulatory risks and FTC clearance risk. Jefferies added that Astria stockholders will own approximately 15% of pro forma equity in the combined company, which likely lowers the chance of another bidder.