UPDATE: Benchmark Downgrades BioClinica to Hold Following Sale Agreement
Benchmark downgraded BioClinica, Inc (NASDAQ: BIOC) from Buy to Hold and maintained a $7.25 price target.
Benchmark said, "BioClinica announced it has entered into a definitive agreement with the private equity firm, JLL Partners, to acquire BioClinica for $7.25 per share. This reflects 1.6x our forecast 2012 revenue of $77.4 million and is a 23% premium to the prior 90-day trading average. … Based on the current price of $7.21, we feel shares now reflect our anticipation this transaction will shortly be completed. Our downgrade to Hold reflects the limited upside to the agreed $7.25 transaction price."
BioClinica closed at $7.21 on Wednesday.
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