Stifel downgraded Calliditas Therapeutics to Hold from Buy with a price target of $40, down from $55, after Asahi Kasei offered about $40 per ADR in a takeover, which has been accepted by the boards of both companies. Though Calliditas was tracking toward profitability in the second half of 2024, the firm expects Asahi Kasei’s “deeper pockets should allow even greater engagement in the increasingly active IgAN field,” the analyst tells investors.
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