RBC Capital Downgrades Durata Therapeutics (DRTX) to Sector Perform

RBC Capital downgraded Durata Therapeutics (NASDAQ: DRTX) from Outperform to Sector Perform with a price target of $25 (from $23).. The change follows a buyout offer from Actiavis (NYSE: ACT).

Analyst Adnan Butt said, "ACT offered ~$23 per share in cash and up to $5 per share in a CVR, of which we believe ~$2 per share is achievable. This is likely why shares of DRTX are trading above the cash price offer and reflect the discounted and probability adjusted values for the three CVR conditions. We continue to view the deal as positive for DRTX shareholders."

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

Shares of Durata Therapeutics closed at $24.24 yesterday.

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