Maksim Labkouski
Intercept Prescription drugs (NASDAQ:ICPT) has been downgraded to carry by Canaccord Genuity within the wake of stories that the biotech group has agreed to be acquired by Alfasigma for $19 per share in money.
Canaccord mentioned in a notice that it believes the deal is the “absolute best consequence” for Intercept, as obeticholic is now not being pursued as a therapy for NASH and its drug Oclavia doubtlessly going through “stiff competitors within the not-too-distant future.”
Calling the deal a “win-win” for the corporate and traders, Canaccord mentioned the $19 per share worth was simply barely under its 12-month worth goal of $20. Because of this, it was decreasing its score to carry, with a worth goal of $19.
