Stifel analyst Annabel Samimy downgraded Horizon Therapeutics (HZNP) to Hold from Buy with a price target of $116.50, down from $138, after Horizon announced a deal to be acquired by Amgen (AMGN) for $116.50 per share following what Samimy calls "a quick process." While the price "gives fair value to the portfolio," Samimy was "surprised there was little value ascribed to pipeline," which is both "deep" and in Amgen’s "wheelhouse," specifically in inflammation and nephrology.
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Published first on TheFly
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Read More on HZNP:
- Unusually active option classes on open December 12th
- Amgen (NASDAQ:AMGN) to Buy Horizon for $27.8B; HZNP Stock Rallies
- Amgen to acquire Horizon Therapeutics for $116.50 per share in cash
- Amgen nears deal to acquire Horizon Therapeutics, WSJ reports
- Sanofi does not intend to make offer for Horizon Therapeutics