Truist raised the firm’s price target on Jazz Pharmaceuticals (JAZZ) to $230 from $220 and keeps a Buy rating on the shares. The firm is adjusting its model after the company announced it would acquire Chimerix (CMRX) in an all cash transaction for $935M or $8.55 per share, with the transaction expected to close in Q2, ahead of dordaviprone PDUFA with priority review set for August 18, the analyst tells investors in a research note. JAZZ will own a more potent, next-gen compound ONC206, which has been shown in preclinical models to have monotherapy efficacy across a broader type of cancers, the firm adds.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on JAZZ:
- Strategic Acquisition of Chimerix Enhances Jazz Pharmaceuticals’ Oncology Portfolio and Supports Buy Rating
- Chimerix deal represents ‘clear strategic fit’ for Jazz, says Stifel
- CrowdStrike reports Q4 beat, Jazz to acquire Chimerix: Morning Buzz
- Strategic Acquisition: Jazz Pharmaceuticals’ Buy Rating Boosted by Chimerix Deal and Dordaviprone’s Market Potential
- Jazz Pharmaceuticals to Acquire Chimerix in $935M Deal