Albireo Pharma downgraded to Hold from Buy at Jefferies

Jefferies analyst Eun Yang downgraded Albireo Pharma to Hold from Buy with a price target of $42, down from $49, after the company announced a definitive merger agreement with Ipsen. Given the "quite modest" Bylvay sales to date, yet-to-materialize commercial success of Albireo’s two additional indications and competition, the analyst views potential counterbids as unlikely.