Baird Downgrades Human Genome Sciences (HGSI) to Neutral; Story Now Played Out

Baird downgraded Human Genome Sciences (NASDAQ: HGSI) from Outperform to Neutral with a new price target of $14.00.

Analyst, Christopher Raymond, said, "Downgrade to Neutral, new $14 price target on news that HGSI and GlaxoSmithKline (NYSE: GSK) have reached agreement on an acquisition price of $14.25/share or ~10% higher than GSK's initial bid of $13/share. While this number is lower than the high-teens valuation we had hoped for, it is materially higher than the original bid. Given this and given that both boards have authorized this deal, we anticipate it will close as planned. Accordingly, we are stepping to the sidelines."

For an analyst ratings summary and ratings history on Human Genome Sciences click here. For more ratings news on Human Genome Sciences click here.

Shares of Human Genome Sciences closed at $13.58 yesterday.

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