Piper Jaffray Downgrades Third Wave (TWTI) to Neutral; Another Buyer Unlikely
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Piper Jaffray downgrades Third Wave (NASDAQ: TWTI) from Buy to Neutral but raises their price target from $10.50 to $11.25.
Piper Jaffray believes that another buyer to emerge is unlikely. The firm's $11.25 price target is consistent with the offer price from Hologic (NASDAQ: HOLX).
The firm said, "We have previously written that we expect Third Wave to present their much-anticipated clinical data at the upcoming American Academy of Clinical Chemistry meeting in Washington this July. However, we now believe the odds of this are quite small and combined with what could well be a faster-than-expected close of the deal (due to the early termination of the Hart-Scott-Rodino Act), do not believe additional buyers are likely to emerge."
Third Wave Technologies, Inc. is a developer and manufacturer of molecularprobes and assays for research and clinical diagnostics.
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