Canaccord Genuity Downgrades Pharmasset (VRUS) to 'Hold' Following Announced Acquisition
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Price: $0.00 --0%
Rating Summary:
3 Buy, 10 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
Rating Summary:
3 Buy, 10 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
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Canaccord Genuity downgraded Pharmasset (NASDAQ: VRUS) from Buy to Hold, price target raised from $126 to $137.
Canaccord analyst, George Farmer, said, "We downgrade VRUS shares reflecting our view of limited upside from Gilead’s (Nasdaq: GILD) intended acquisition price of $137...Following big VRUS stock upswing close to the announced acquisition price and the hefty premium assigned, we see only slight downside risk of this deal falling through. Upside is limited, given our belief that multiple parties were probably considering VRUS acquisition as well and had submitted inferior bids. In light of these factors, our new HOLD rating assumes a successful tender under current terms articulated in GILD’s 8-K and press release."
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.
Canaccord analyst, George Farmer, said, "We downgrade VRUS shares reflecting our view of limited upside from Gilead’s (Nasdaq: GILD) intended acquisition price of $137...Following big VRUS stock upswing close to the announced acquisition price and the hefty premium assigned, we see only slight downside risk of this deal falling through. Upside is limited, given our belief that multiple parties were probably considering VRUS acquisition as well and had submitted inferior bids. In light of these factors, our new HOLD rating assumes a successful tender under current terms articulated in GILD’s 8-K and press release."
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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