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HLUYY

Lundbeck

$0.00

(0.00%)

, ALDR

Alder Biopharmaceuticals

$18.88

-0.055 (-0.29%)

08:10
10/11/19
10/11
08:10
10/11/19
08:10

Lundbeck, Alder Biopharmaceuticals update information in tender offer materials

H. Lundbeck (HLUYY) and Alder BioPharmaceuticals (ALDR) each filed updated tender offer materials with the U.S. Securities and Exchange Commission in connection with Lundbeck's pending tender offer, for all outstanding shares of Alder, whereby Alder stockholders are being offered an upfront payment for $18.00 per share in cash, along with one non-tradeable Contingent Value Right that entitles them to an additional $2.00 per share upon approval of eptinezumab by the European Medicines Agency, representing a total potential consideration $20.00 per share. The Offer commenced on 23 September 2019, and on the same day Lundbeck filed an offer to purchase and related letter of transmittal setting forth the terms of the Offer with the SEC and began mailing such materials to Alder stockholders. Also on 23 September 2019, Alder filed a solicitation and recommendation statement with the SEC under cover of Schedule 14D-9 recommending Alder stockholders tender their shares in the Offer and began mailing such statement to Alder stockholders. undbeck filed an amended Schedule TO that revises the offer to purchase to include, among other things, additional disclosure relating to the material terms of the CVR and the related CVR agreement. The amended Schedule TO does not constitute any change to the terms of the Offer, which is scheduled to expire at the end of the day, one minute after 11:59 P.M., Eastern Time, on October 21, 2019, unless the Offer is extended or terminated. Alder filed an amended Schedule 14D-9 that revises the solicitation and recommendation statement in respect of the Offer to include further detail regarding the share holdings of Alder's directors and executive officers. The amended Schedule 14D-9 does not constitute any change to the unanimous recommendation of the Alder Board that Alder's stockholders tender their shares in the Offer.

HLUYY

Lundbeck

$0.00

(0.00%)

ALDR

Alder Biopharmaceuticals

$18.88

-0.055 (-0.29%)

  • 21

    Oct

  • 21

    Feb

HLUYY Lundbeck
$0.00

(0.00%)

01/02/19
JPMS
01/02/19
DOWNGRADE
JPMS
Underweight
Lundbeck downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Richard Vosser downgraded Lundbeck to Underweight and lowered his price target for the shares to DKK 275 from DKK 300. The analyst believes the company's pipeline represents downside risk.
09/16/19
BMOC
09/16/19
DOWNGRADE
Target $19.7
BMOC
Market Perform
BMO downgrades Alder after buyout, sees another bidder as unlikely
BMO Capital analyst Matthew Luchini downgraded Alder Biopharmaceuticals (ALDR) to Market Perform from Outperform after the company entered into an agreement to be acquired by Lundbeck (HLUYY) for $18.00 per share in cash plus a $2.00 per share contingent value right. The emergence of another bidder is unlikely and the deal poses little regulatory risk, Luchini tells investors in a research note. The analyst, who lowered his price target for Alder shares to $19.70 from $23, believes the acquisition confirms eptinezumab's role as a differentiated option in the migraine treatment landscape. Alder shares in midday trading are up 83.5% to $18.47.
09/17/19
UBSW
09/17/19
UPGRADE
Target $19.5
UBSW
Neutral
Alder Biopharmaceuticals upgraded to Neutral from Sell at UBS
UBS analyst Andrew Ang upgraded Alder Biopharmaceuticals (ALDR) to Neutral from Sell and raised his price target for the shares to $19.50 from $9 following the company's agreement to be acquired by Lundbeck (HLUYY).
09/17/19
WBLR
09/17/19
NO CHANGE
WBLR
Outperform
William Blair reiterates Outperform on Biohaven after Alder buyout
William Blair analyst Tim Lugo views Lundbeck's (HLUYY) acquisition of Alder Biopharmaceuticals (ALDR) as indicative of continued interest in the calcitonin gene-related peptide space from strategic buyers given the IV dosing and what is an increasingly competitive space for biologics. Following the deal, the analyst reiterates an Outperform rating on Biohaven Pharmaceutical (BHVN). The analyst sees an "active" Q4 for the company, which is expected to include the readout of the Phase III trial of rimegepant for the prevention of episodic migraine, top-line results from a Phase II/III trial of intranasal CGRP therapy BHV-3500, and completion of enrollment in Phase II/III trials of troriluzole for the treatment of obsessive-compulsive disorder, generalized anxiety disorder, and Alzheimer's disease.
ALDR Alder Biopharmaceuticals
$18.88

-0.055 (-0.29%)

09/17/19
FBCO
09/17/19
NO CHANGE
Target $19
FBCO
Neutral
Alder Biopharmaceuticals price target raised to $19 from $11 at Credit Suisse
Credit Suisse analyst Evan Seigerman raised his price target for Alder Biopharmaceuticals to $19 from $11 to reflect the agreement reached for Lundbeck to acquire Alder. The analyst continues to believe that eptinezumab is likely to be approved by the EMA by 2021, entitling shareholders to receive $2/share in connection with the CVR. He reiterates a Neutral rating on the shares.
09/17/19
09/17/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Alder Biopharmaceuticals (ALDR) upgraded to Neutral from Sell at UBS and to Equal Weight from Underweight at Morgan Stanley. 2. Snap (SNAP) upgraded to Neutral from Negative at Susquehanna with analyst Shyam Patil saying his recent advertising channel checks have suggested that Snap's "solid" growth has continued in Q3 with expectations for continued progress in Q4. 3. Splunk (SPLK) upgraded to Overweight from Neutral at JPMorgan with analyst Mark Murphy saying he expects a bookings growth rebound in the second half of 2019 and has a favorable view of the company's transition to a recurring/renewable model. 4. Circor (CIR) upgraded to Overweight from Sector Weight at KeyBanc analyst Jeffrey Hammond saying he sees a wide range of potential outcomes that generally support a higher stock price, including arriving at 2020 targets, or equivalent figures net of divestitures, divesting the Energy business to accelerate deleveraging and refocus the portfolio around less volatile Industrial and Aero assets, or falling short of targets and/or failing to monetize the Energy assets, commencing a change of leadership and/or renewed takeout chatter. 5. Burlington Stores (BURL) and TJX (TJX) upgraded to Neutral from Sell at UBS. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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F

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HEXO

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C

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ALXN

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HEXO

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BA

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SPLK

Splunk

$117.82

7.41 (6.71%)

12:25
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Options
Splunk call volume above normal and directionally bullish »

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