UPDATE: Canaccord Genuity Downgrades Optimer Pharmaceuticals to Hold, Lowers PT Following Merger Proposal

In a report published Wednesday, Canaccord Genuity analyst Ritu Baral downgraded the rating on

from Buy to Hold, and lowered the price target from $22.00 to $13.00. In the report, Canaccord Genuity noted, “Lowering to HOLD, $13 target on the expectation of proposed merger to close and a payout event to be triggered in 2015 tied to strong Dificid performance. We think the superior clinical profile, strong pharmacoeconomics, and integrated SG&A synergy for Dificid will drive solid uptake, despite premium pricing. Our $13 target is derived from a pNPV sum-of-the-parts analysis based on varying payout scenarios.” Optimer Pharmaceuticals closed on Tuesday at $13.29.