Prosensa (RNA) CVRs Appear Achievable, Says Credit Suisse; PT Raised to $20 (Earlier)

Credit Suisse maintained a Neutral rating on Prosensa (NASDAQ: RNA) and raised its price target to $20.00 (from $9.00). Yesterday BioMarin Pharma (NASDAQ: BMRN) announced a deal to acquire the company for $17.75 per share plus two CVRs worth $80 million each. Analyst Jeremiah Shepard said CVRs appear achievable.

"We are raising our TP to $20 from $9 following the announcement to account for the $17.75/share offer and our ~$2.70 calculated value for the two CVRs," said Shepard. "We arrive at a premium to the offer price by probability adjusting the NPV of the anticipated CVRs by 80%. We believe that both CVRs are achievable as RNA should have additional data to supplement the expected NDA and MAA filings ahead of the potential approvals."

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

Shares of Prosensa closed at $18.60 yesterday.

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• Veralto Corp. (VLTO) PT Raised to $101 at RBC Capital
• Boston Scientific (BSX) PT Raised to $84 at Baird