Needham & Company Downgrades Chelsea Therapeutics (CHTP) to Hold on Pending Takeover

May 9, 2014 10:17 AM EDT Send to a Friend
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Price: $6.52 --0%

Rating Summary:
    1 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 12 | New: 23
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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.

For an analyst ratings summary and ratings history on Chelsea Therapeutics click here. For more ratings news on Chelsea Therapeutics click here.

Shares of Chelsea Therapeutics closed at $6.58 yesterday.



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