Needham & Company Downgrades Chelsea Therapeutics (CHTP) to Hold on Pending Takeover
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Needham & Company downgraded Chelsea Therapeutics (NASDAQ: CHTP) from Buy to Hold after the company agreed to be acquired by Lundbeck at $6.44 per share (~$530M) with up to $1.50 per share (~$128M) in contingent payments.
"Given share price appreciation and our expectation that there will not be offers from other companies, we are downgrading to HOLD," analyst Alan Carr said.
Shares of Chelsea Therapeutics closed at $6.58 yesterday.
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