Canaccord raised the firm’s price target on Sage Therapeutics (SAGE) to $8.50 from $8 and keeps a Hold rating on the shares. The firm noted Supernus Pharmaceuticals (SUPN) announced that it is buying Sage for $8.50/share or roughly $561mn in cash. The transaction also includes a non-tradable contingent value right (CVR) of up to $3.50/share or up to about $234mn based on some milestones related to Biogen (BIIB)/Sage’s Zurzuvae (zuranolone), which is approved and on the market in the US for post-partum depression (PPD).
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SAGE:
- Hold Rating on SAGE Therapeutics Amid Acquisition Offer and CVR Uncertainties
- Sage Therapeutics moved to No Rating at BofA
- Sage Therapeutics downgraded to Neutral from Overweight at Piper Sandler
- Sarepta suspends Elevidys shipments, Supernus acquires Sage: Morning Buzz
- Morning Movers: Sage Therapeutics surges after deal to be acquired by Supernus