Redhill Biopharma (RDHL) PT Lowered to $1 at Cantor Fitzgerald

Cantor Fitzgerald analyst Brandon Folkes lowered the price target on Redhill Biopharma (NASDAQ: RDHL) to $1.00 (from $11.00) while maintaining an Overweight rating.

The analyst commented, "We reiterate our Overweight rating but revise our 12-month price target to $1, from $11. Our price target revision is driven by the recent business update, as well as the announcement that RDHL will transfer the rights to Movantik, to HCR Collateral Management LLC (private) in exchange for an extinguishment of all debt obligations under the credit agreement with RedHill's U.S. subsidiary RedHill Biopharma Inc. and HCR. RDHL expects the transaction to close by year-end."

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