Baird Reiterates Outperform on Curis (CRIS) as Aurigene Forgoes Milestone Payments; Increases Equity Position
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Baird reiterated an Outperform rating and $7.00 price target on Curis (NASDAQ: CRIS) following the company's announcement that Aurigene has agreed to increase their equity position in Curis. In exchange for 10.2M shares of Curis common stock, Aurigene is giving up the rights to up to $24.5M in potential future milestone payments.
Analyst Brian Skorney commented, "The company announced that Aurigene has agreed to increase their equity position in Curis in lieu of milestone payments around the company's ongoing collaboration. The transaction is financially positive as it eliminates cash payments that would likely result in dilution at a discount in market offering, instead using equity at a 39% premium to the market value. It is also a bullish signal from the discoverer of CA-170, indicating a confidence in the value of this, and other, immuno-oncology programs."
Shares of Curis closed at $1.76 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Baird Starts Independence Realty Trust (IRT) at Outperform
- FBN Securities Raises Price Target on Pandora (P) to $15 Following 4Q Preannouncement
- Wedbush Raises Price Target on Columbia Sportswear (COLM) to $72; Reiterates Outperform
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesRobert W Baird
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!