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.
Specialty Pharma Analysts Chen & Kim and Biopharma Analyst Folkes discuss the unment needs in the treatment of Type 2 Diabetes, NASH and Obesity, Novo's Rybelsus usage, Eli Lilly's Trulicity and Tirzepatide and a review of NASH treatments in development from Gilead, Novo, Intercept and CymaBay on an Analyst/Industry conference call to be held on June 5 at 11 am.
Gilead Sciences shares are down $1.60, or 2%, to $76.23 in pre-market trading after the company announced earlier topline results from the Phase 3 SIMPLE trial in hospitalized patients with moderate COVID-19 pneumonia.