UPDATE: BMO Capital Downgrades Akcea Therapeutics, Inc. (AKCA) to Market Perform

(updating comment)

BMO Capital analyst Do Kim downgraded Akcea Therapeutics, Inc. (NASDAQ: AKCA) from Outperform to Market Perform with a price target of $18.15 (from $26.00).

THe analyst comments "Ionis/Akcea announced that Ionis will acquire the remaining 24% of Akcea's shares outstanding ($18.15/share) in a $500mn merger transaction ($2B valuation). We believe the acquisition makes strategic sense, leveraging Akcea's existing relationships and commercial infrastructure, as Ionis expands its wholly owned pipeline. We believe Akcea as the commercial arm will drive long-term growth, as Ionis develops assets further into late-stage development and commercialization, creating more value for retained assets. We lower our target price to $18.15 from $26 and downgrade AKCA shares to Market Perform from Outperform, as we expect the acquisition to complete with no competing bidders."

For an analyst ratings summary and ratings history on Akcea Therapeutics, Inc. click here. For more ratings news on Akcea Therapeutics, Inc. click here.

Shares of Akcea Therapeutics, Inc. closed at $11.38 yesterday.

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