Leerink Swann Downgrades Pharmasset (VRUS) to Market Perform; A Befitting End to a Remarkable Biotech Story

November 22, 2011 8:23 AM EST
Get Alerts VRUS Hot Sheet
Price: $136.97 --0%

Rating Summary:
    5 Buy, 10 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Leerink Swann downgraded Pharmasset (NASDAQ: VRUS) from Outperform to Market Perform, price target raised from $100 to $137.

Leerink analyst says, "Bottom Line: We believe the acquisition of Pharmasset by Gilead (Nasdaq: GILD) announced yesterday validates our bullish outlook for the transformation in hepatitis C treatment and prospects of interferon-free regimens. The acquisition price of ~$11B likely sets a record for valuation of a development-stage company that could be more than 10x the previous largest similar acquisition that we can think of (acquisition of Cougar Biotechnology by Johnson and Johnson (NYSE: JNJ)). As a result of the announcement of the acquisition -- unanimously approved by VRUS's board of directors -- we are downgrading VRUS shares."

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

Shares of Pharmasset closed at $134.14 yesterday.

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