UPDATE: BMO Capital Downgrades Akcea Therapeutics, Inc. (AKCA) to Market Perform
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BMO Capital analyst Do Kim downgraded Akcea Therapeutics, Inc. (NASDAQ: AKCA) from Outperform to Market Perform with a price target of $18.15 (from $26.00).
THe analyst comments "Ionis/Akcea announced that Ionis will acquire the remaining 24% of Akcea's shares outstanding ($18.15/share) in a $500mn merger transaction ($2B valuation). We believe the acquisition makes strategic sense, leveraging Akcea's existing relationships and commercial infrastructure, as Ionis expands its wholly owned pipeline. We believe Akcea as the commercial arm will drive long-term growth, as Ionis develops assets further into late-stage development and commercialization, creating more value for retained assets. We lower our target price to $18.15 from $26 and downgrade AKCA shares to Market Perform from Outperform, as we expect the acquisition to complete with no competing bidders."
Shares of Akcea Therapeutics, Inc. closed at $11.38 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Related EntitiesBMO Capital, Definitive Agreement
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