Guggenheim downgrades Iveric bio after deal, doesn’t expect other bidders

As previously reported, Guggenheim analyst Eddie Hickman downgraded Iveric bio (ISEE) to Neutral from Buy with a price target of $40, down from $43, after Astellas Pharma (ALPMY) agreed to acquire Iveric for $40 per share in cash. The firm likes the price, which supports its belief in avacincaptad pegol’s best-in-class profile, and doesn’t expect other bidders, the analyst tells investors.