Wedbush Downgrades Anadys Pharmaceuticals (ANDS) to Neutral; Announces Acquisition by Roche; Additional Takeover Targets Remain
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Price: $3.70 --0%
Rating Summary:
0 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
0 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush downgraded Anadys Pharmaceuticals (NASDAQ: ANDS) from Outperform to Neutral, price target raised from $2.00 to $3.70.
Wedbush analyst says, "In a press release yesterday, Anadys announced that it entered into a definitive merger agreement to be acquired by Roche...We expect the acquisition to close this quarter. Although shareholders still need to approve the agreement, management expects the transaction to close during the fourth quarter of 2011. We do not anticipate any anti-trust issues to derail the current deal."
"Additional acquisition targets remain in HCV space. Recall that Anadys is one of the four smaller companies directed to developing drugs for HCV which we began covering over the summer. We designated three of the four as likely acquisition targets — Anadys, Achillion (Nasdaq: ACHN)(OUTPERFORM), and Inhibitex (Nasdaq: INHX)(OUTPERFORM). Our thesis at the time was that most big pharma companies did not have enough drug candidates in their own portfolios to develop attractive multi-drug regimens, and that acquisitions or partnerships would be needed for these companies to stay competitive. We believe today’s news bodes well for not only ACHN and INHX, but also IDIX (Nasdaq: IDIX)(NEUTRAL)."
For more ratings news on Anadys Pharmaceuticals click here and for the rating history of Anadys Pharmaceuticals click here.
Shares of Anadys Pharmaceuticals closed at $3.65 yesterday.
Wedbush analyst says, "In a press release yesterday, Anadys announced that it entered into a definitive merger agreement to be acquired by Roche...We expect the acquisition to close this quarter. Although shareholders still need to approve the agreement, management expects the transaction to close during the fourth quarter of 2011. We do not anticipate any anti-trust issues to derail the current deal."
"Additional acquisition targets remain in HCV space. Recall that Anadys is one of the four smaller companies directed to developing drugs for HCV which we began covering over the summer. We designated three of the four as likely acquisition targets — Anadys, Achillion (Nasdaq: ACHN)(OUTPERFORM), and Inhibitex (Nasdaq: INHX)(OUTPERFORM). Our thesis at the time was that most big pharma companies did not have enough drug candidates in their own portfolios to develop attractive multi-drug regimens, and that acquisitions or partnerships would be needed for these companies to stay competitive. We believe today’s news bodes well for not only ACHN and INHX, but also IDIX (Nasdaq: IDIX)(NEUTRAL)."
For more ratings news on Anadys Pharmaceuticals click here and for the rating history of Anadys Pharmaceuticals click here.
Shares of Anadys Pharmaceuticals closed at $3.65 yesterday.
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