Horizon Therapeutics downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Derek Archila downgraded Horizon Therapeutics (HZNP) to Equal Weight from Overweight with a price target of $116.50, down from $118, after Amgen (AMGN) announced an agreement to acquire the company for $116.50/share, valuing the company at about $28B. The analyst thinks the deal makes sense and is consistent with his view that Horizon Therapeutics’ management was a willing and motivated seller. Given the deal process and the looks by other companies, Archila doesn’t think anyone else is "going to throw their hat in the ring" and sees a high probability of the deal getting done.