UPDATE: Wedbush Downgrades MAP Pharma (MAPP) to Neutral, Notes Other Potential M&A Targets

March 1, 2013 12:52 PM EST
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Price: $24.98 --0%

Rating Summary:
    2 Buy, 5 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 31 | New: 34
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(Updated - March 1, 2013 1:58 PM EST)

Wedbush downgraded MAP Pharmaceuticals (NASDAQ: MAPP) from Outperform to Neutral with a price target of $25.

"We are downgrading MAPP to NEUTRAL from OUTPERFORM due to the increased likelihood of its acquisition by Allergan (NYSE: AGN) and reiterating our $25 fair value," said analyst Liana Moussatos.

Moussatos believes Allergan's acquisition of MAPP may suggest that other companies with migraine products will become acquisition targets for pharmaceutical companies such as GlaxoSmithKline (NYSE: GSK) and Merck (NYSE: MRK).

Companies mentioned include NuPathe, Inc. (Nasdaq: PATH), POZEN Inc. (Nasdaq: POZN) and Zogenix (Nasdaq: ZGNX).

For an analyst ratings summary and ratings history on MAP Pharmaceuticals click here. For more ratings news on MAP Pharmaceuticals click here.

Shares of MAP Pharmaceuticals closed at $25.00 yesterday.

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