Jesup & Lamont Downgrades Draxis Health (DRAX) to Neutral
DRAX Hot Sheet
Rating Summary:0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Jesup & Lamont downgrades Draxis Health (Nasdaq: DRAX) to Neutral, citing a favorable buyout agreement by Jubilant.
The firm calls Jubilant's $6 offer for Draxis "fair", as it represents a 20%+ premium from its closing price the day before the acquisition was announced. Jesup & Lamont believes the chances of another bidder coming in to make an offer are slim as the deal includes a $10.5 million break-up fee.
Draxis Health, Inc., through its wholly owned subsidiary, DRAXIS Specialty Pharmaceuticals, Inc., provides products in the areas of sterile, nonsterile, and radiopharmaceuticals. [BCS]
The firm calls Jubilant's $6 offer for Draxis "fair", as it represents a 20%+ premium from its closing price the day before the acquisition was announced. Jesup & Lamont believes the chances of another bidder coming in to make an offer are slim as the deal includes a $10.5 million break-up fee.
Draxis Health, Inc., through its wholly owned subsidiary, DRAXIS Specialty Pharmaceuticals, Inc., provides products in the areas of sterile, nonsterile, and radiopharmaceuticals. [BCS]
You May Also Be Interested In
- UPDATE: UBS Downgrades Wisconsin Energy (WEC) to Neutral; Taking Some Off The Table
- UBS Maintains a 'Neutral' on VeriFone (PAY); Europe Demand Healthy, but FX Emerges as Headwind
- Wedbush Downgrades Maxwell Technologies (MXWL) to Neutral; Elevated Competitive and Supply Chain Risks
Create E-mail Alert Related Categories
DowngradesRelated Entities
Jesup & LamontSign 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!
