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Fly News Breaks for March 2, 2020
FTSV, GILD
Mar 2, 2020 | 11:16 EDT
H.C. Wainwright analyst Swayampakula Ramakanth downgraded Forty Seven (FTSV) to Neutral from Buy with a price target of $95.50, up from $51, after the company announced that Gilead Sciences (GILD) will acquire the company for $95.50 per share in cash, or approximately $4.9B in aggregate. The analyst notes that the offer represents a 65% premium on Forty Seven's closing price of $58.00 per share on February 28, and a 414% increase on the company's stock price since November 30, 2018. According to management, the acquisition agreement has been unanimously approved by both companies' board of directors, and he expects the deal to complete during 2Q20.
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