Sanofi acquired Tidal Therapeutics, a privately held biotechnology company on Friday for an upfront payment of $160 million. The company will pay another $310 million for Tidal contingent upon achieving certain milestones.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Sanofi’s (SNY) Global Head of Research and Chief Scientific Officer Frank Nestle said, “We anticipate that this next generation, off-the-shelf approach has the potential to bring CAR-T cell therapy to a much broader patient population. We believe that the underlying mRNA targeting platform will create disruptive therapeutic approaches across a variety of oncology and autoimmune conditions.”
Tidal Therapeutics uses messenger-based ribonucleic acid (mRNA) technology based on “proprietary nanoparticles” to reprogram immune cells in vivo, that is, inside the body. Currently, the company has ongoing pre-clinical programs for the re-programming of different types of immune cells including T cells for cancer indications.
Shares of Sanofi have gained 5.8% in the past month. (See Sanofi stock analysis on TipRanks)
Last week, Barclays analyst Emmanuel Papadakis raised the price target on Sanofi from €80 to €85 and reiterated a Neutral rating on the stock.
Overall, the rest of the Street has a Moderate Sell consensus rating on the stock based on 1 Hold and 1 Sell. The average analyst price target of $101.16 implies that SNY shares have approximately 99.3% upside potential to current levels.
According to the TipRanks Smart Score system, Sanofi scores a low 3 out of 10 indicating that the stock is likely to underperform to market averages.
Related News:
Microsoft Set To Acquire Nuance For $16B – Report
Levi’s 1Q Sales And EPS Beat Estimates; Street Says Buy
Provention Bio Shares Crash 40% Due To Regulatory Setback For Diabetes Drug