Truist analyst Joon Lee keeps a Buy rating and $60 price target on Longboard Pharmaceuticals after the company announced it is being acquired by Ludbeck for $2.6B or $60 per share. The deal came earlier than the firm had expected given bexi’s global Phase 3 study has just commenced, the analyst tells investors in a research note. Truist adds that the transaction undervalues Longboard’s lead drug bexicaserin, as Lundbeck believes that bexi can generate $1.5B-$2B in peak sales.
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