Longboard Pharmaceuticals downgraded to Neutral from Buy at B. Riley

B. Riley analyst Kalpit Patel downgraded Longboard Pharmaceuticals (LBPH) to Neutral from Buy with a price target of $60, up from $45, after the company entered into a definitive agreement with Lundbeck to be acquired for $2.6B, or $60 per share. The firm views the acquisition price as “highly reasonable.” It does not foresee any significant hurdles for the acquisition to be completed. Riley remains bullish on Geron (GERN) and believes it stands out as the most likely candidate for a buyout following Longboard, “as it meets key biopharma acquisition criteria.”