H.C. Wainwright downgraded Calliditas Therapeutics (CALT) to Neutral from Buy with a $39 price target after Japanese manufacturer Asahi Kasei (AHKSY) announced an agreement to acquire all ordinary shares and American Depositary Shares of Calliditas for SEK 208 and SEK 416 per share, respectively, in cash. The firm is “not surprised by Asahi’s decision to acquire Calliditas at a premium,” which it believes validates the company’s significant growth potential in Nefecon and setanaxib.
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