Axovant Sciences (AXON): Allergan Acquisition of Chase a Positive - Baird

November 23, 2016 6:36 AM EST
Get Alerts AXON Hot Sheet
Price: $12.49 --0%

Rating Summary:
    9 Buy, 0 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 1
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Baird analyst, Brian Skorney, reiterated his Outperform rating on shares of Axovant Sciences (NYSE: AXON) after Allergan (NYSE: AGN) announced the acquisition of Chase Pharmaceuticals, a privately held company focusing on development of fixed-dose combinations in Alzheimer's disease, for $125M upfront.

This deal is a direct and clear comp to the recent deal Axovant did with Qaam Pharmaceuticals. As most investors do not attribute value to the Qaam deal, the sizeable economics (upfront ~10% of Axovant market cap) in the Allergan/Chase deal should reflect positively on AXON share price.

No change to the price target of $29.

For an analyst ratings summary and ratings history on Axovant Sciences click here. For more ratings news on Axovant Sciences click here.

Shares of Axovant Sciences closed at $13.45 yesterday.

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