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.”
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LBPH:
- Lundbeck Acquires Longboard Pharmaceuticals for $2.6 Billion
- Truist downgrades Longboard to Hold on Lundbeck deal announcement
- Longboard Pharmaceuticals downgraded to Hold from Buy at Truist
- Longboard Pharmaceuticals downgraded to Neutral from Outperform at Baird
- M&A News: Lundbeck to Acquire Longboard (NASDAQ:LBPH) for $2.6B