Albireo Pharma downgraded to Neutral from Outperform at Wedbush

Wedbush analyst Andreas Argyrides downgraded Albireo Pharma (ALBO) to Neutral from Outperform with a price target of $42, down from $53. The analyst notes Ipsen (IPSEY) and Albireo announced the companies have entered into an agreement under which Ipsen acquires Albireo in a cash tender offer for $42.00/share, a +104% premium to Albireo’s 1 month volume-weighted average price of $20.60.