Longboard Pharmaceuticals downgraded to Neutral from Buy at H.C. Wainwright
The Fly

Longboard Pharmaceuticals downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded Longboard Pharmaceuticals to Neutral from Buy with a price target of $60, down from $80, after Denmark-based biopharmaceutical company Lundbeck agreed to commence a tender offer for all outstanding shares of Longboard common stock at $60 a share in cash, or approximately $2.6B equity value. The firm believes the deal value, a 77% premium to the 30-day volume-weighted average price of Longboard shares as of September 30, validates its confidence in the “blockbuster,” or $1B revenue per year, potential of bexicaserin, Longboard’s lead program in the treatment of developmental and epileptic encephalopathies, or DEEs.

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