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VTL

Now IMUX

$0.21

-0.0045 (-2.05%)

05:40
03/25/19
03/25
05:40
03/25/19
05:40

Vital Therapies announce proxy firm recommendation of vote 'FOR' Immunic deal

Vital Therapies announced that Institutional Shareholder Services, or ISS, and Glass Lewis have both recommended that Vital Therapies stockholders vote "FOR" the proposed business combination with Immunic AG and the related proposals in the Company's proxy statement/prospectus for the special meeting of its stockholders. In its report, ISS stated, among other things, that "the proposed merger appears to be the best available alternative for shareholders. It appears unlikely that a liquidation would return materially greater value to shareholders given the company's cash burn, the costs of terminating the transaction, and the costs associated with a liquidation. Moreover, the market reaction at announcement was not overly negative relative to the index, and the board conducted what appears to have been a thorough strategic review process." ISS further noted that "the reverse merger provides a vehicle for Immunic to become a public company on a major exchange, which the companies believe will facilitate the combined company obtaining additional capital in the future to support development and commercialization activities. Following the transaction, the combined company will focus on Immunic's three development programs." Additionally, Glass Lewis concluded that "Given the depth of the board's review, Vital's small scale and the Company's lack of viable product candidates, we do not see significant cause for investors to object to the proposed outcome." Glass Lewis further noted "we believe there is sufficient cause for investor support here."

VTL Now IMUX
$0.21

-0.0045 (-2.05%)

08/21/18
CANT
08/21/18
INITIATION
Target $18
CANT
Overweight
Vital Therapies initiated with an Overweight at Cantor Fitzgerald
Cantor Fitzgerald analyst William Tanner initiated Vital Therapeutics with an Overweight rating and $18 price target. In a research note to investors, Tanner says he believes the ongoing VTL-308 Phase trial of the extracorporeal liver assist device in patients with several alcoholic hepatitis has been de-risked through incorporation of learnings from the previous VTI-208 trial, adding that he believes commercialization requirements are of a scale that Vital could undertake without a partner, if approved. Additionally, Tanner contends that pricing corresponding with the unmet medical need and clinical sequelae of untrated sAH could create significant value for investors.
08/21/18
08/21/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Conagra Brands (CAG) initiated with an Overweight at Stephens. 2. Vital Therapies (VTL) initiated with an Overweight at Cantor Fitzgerald. 3. Jefferies Financial Group (JEF) initiated with an Outperform at Keefe Bruyette. 4. Madison Square Garden (MSG) and MSG Networks (MSGN) were initiated with an Outperform at Imperial Capital. 5. Berry Petroleum (BRY) initiated with a Buy at Johnson Rice and Tudor Pickering. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/12/18
WBLR
09/12/18
DOWNGRADE
WBLR
Market Perform
Vital Therapies downgraded to Market Perform from Outperform at William Blair
William Blair analyst Katherine Xu downgraded Vital Therapies to Market Perform following this morning's failed study. The stock in premarket trading is down 89%, or $5.60, to 70c.
09/12/18
RAJA
09/12/18
DOWNGRADE
RAJA
Market Perform
Vital Therapies downgraded to Market Perform from Outperform at Raymond James

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