Baird Reiterates Outperform on Curis (CRIS) as Aurigene Forgoes Milestone Payments; Increases Equity Position
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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.
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