RBC Capital Downgrades Sagent Pharmaceuticals (SGNT) to Sector Perform Following Takeover

RBC Capital downgraded Sagent Pharmaceuticals (NASDAQ: SGNT) from Outperform to Sector Perform with a price target of $21.75 (from $20.00) after the company announced that Nichi-Iko would acquire SGNT for $736 million in cash or a 40% premium to Friday's close.

"Per our conversation with management this morning, the deal has been approved by both Boards and has support from Vivo Capital which owns 19.8% of SGNT," analyst Randall Stanicky said.

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

Shares of Sagent Pharmaceuticals closed at $15.50 yesterday.

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