Jefferies Cuts Price Target on Gen-Probe (GPRO) as Novartis (NVS) No Longer Looks to Buy
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Price: $0.72 --0%
Rating Summary:
4 Buy, 11 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 32 | New: 3
Rating Summary:
4 Buy, 11 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 32 | New: 3
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Jefferies is maintaining its Buy rating on shares of Gen-Probe (NASDAQ: GPRO), but is slashing its price target from $92 to $75, a 18.5 percent decline.
The WSJ reported that Novartis (NYSE: NVS) is no longer looking to acquire GPRO. The firm notes that its old $92 price target factored in a successful sale to a strategic party at a valuation consistent with similar molecular diagnostics assets in historical deals.
The firm comments, "Shares of GPRO have fallen 11% from levels prior to the initial speculation of a sale process in late-April, which we attribute substantially to event-driven selling pressures as the prospects for such an event have dissipated in recent periods. We view the magnitude of such weakness as fundamentally unwarranted, and expect investors to refocus on the plethora of significant pipeline catalysts approaching in 2H11."
For more ratings news on Gen-Probe click here and for the rating history of Gen-Probe click here.
Shares of Gen-Probe closed at $62.41 yesterday.
The WSJ reported that Novartis (NYSE: NVS) is no longer looking to acquire GPRO. The firm notes that its old $92 price target factored in a successful sale to a strategic party at a valuation consistent with similar molecular diagnostics assets in historical deals.
The firm comments, "Shares of GPRO have fallen 11% from levels prior to the initial speculation of a sale process in late-April, which we attribute substantially to event-driven selling pressures as the prospects for such an event have dissipated in recent periods. We view the magnitude of such weakness as fundamentally unwarranted, and expect investors to refocus on the plethora of significant pipeline catalysts approaching in 2H11."
For more ratings news on Gen-Probe click here and for the rating history of Gen-Probe click here.
Shares of Gen-Probe closed at $62.41 yesterday.
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