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Fly News Breaks for June 25, 2019
ABBV, AGN
Jun 25, 2019 | 08:44 EDT
SVB Leerink analyst Marc Goodman is not surprise that one of the large pharma companies has made a bid on Allergan (AGN) given the multi-year stock weakness. However, he believes a $188 price is "too low," as he "can't believe that Allergan is not being taken out at least at $200," which "begs the question" whether this was a process or is AbbVie (ABBV) "opportunistically pursuing a wounded stock." If it is the latter, Goodman believes this bid could initiate others to pursue Allergan as well. He has an Outperform rating on Allegan's shares.