Wells Fargo Downgrades Pharmasset (VRUS) to Market Perform; To Be Acquired By GILD

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November 22, 2011 7:20 AM EST
Get Alerts VRUS Hot Sheet
Price: $0.00 --0%

Rating Summary:
    3 Buy, 10 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 13 | New: 26
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Wells Fargo downgraded Pharmasset (NASDAQ: VRUS) from Outperform to Market Perform with a price target range $136-$138 (from $89-$93)

Wells analyst says, "Based on Gilead's (Nasdaq: GILD) acquisition of VRUS for $137/share announced yesterday (11/21), we are downgrading VRUS shares to Market Perform from Outperform and increasing our valuation range to $136-138 from $89-93. From this point forward, we expect shares to trade primarily on this M&A transaction rather than on fundamentals."

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

Shares of Pharmasset closed at $134.14 yesterday.

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