Brean Murray Carret & Co. Downgrades Ardea Biosciences (RDEA) to Hold; AstraZeneca (AZN) Steps In
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Price: $31.96 --0%
Rating Summary:
6 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
6 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Brean Murray Carret & Co. downgraded Ardea Biosciences (NASDAQ: RDEA) from Buy to Hold with a price target of $40.00.
Analyst, Jonathan Aschoff, said, "Ardea announced AstraZeneca (NYSE: AZN) has made a bid of $32 per share for RDEA, and that both have unanimously approved the agreement. Ardea also reported that about 30% of the shareholder votes have been cast in favor of the agreement, and therefore we believe that this acquisition will go through. We are downgrading RDEA to Hold, based on the limited remaining upside from now til the transaction has closed."
For an analyst ratings summary and ratings history on Ardea Biosciences click here. For more ratings news on Ardea Biosciences click here.
Shares of Ardea Biosciences closed at $20.84 yesterday.
Analyst, Jonathan Aschoff, said, "Ardea announced AstraZeneca (NYSE: AZN) has made a bid of $32 per share for RDEA, and that both have unanimously approved the agreement. Ardea also reported that about 30% of the shareholder votes have been cast in favor of the agreement, and therefore we believe that this acquisition will go through. We are downgrading RDEA to Hold, based on the limited remaining upside from now til the transaction has closed."
For an analyst ratings summary and ratings history on Ardea Biosciences click here. For more ratings news on Ardea Biosciences click here.
Shares of Ardea Biosciences closed at $20.84 yesterday.
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