In a report published Wednesday, Jefferies analyst Eun K. Yang downgraded Optimer Pharmaceuticals OPTR from Buy to Hold, and lowered the price target from $17.00 to $13.25.
In the report, Jefferies noted, “Given anticipated OPTR take-out (speculated by CBST), this is not surprising. However, the deal price is lower than we'd anticipated # cash upfront of $10.75 ($10.72 prior to OPTR announcement for strategic review process on 2/27/13) & up to $5 CVR in 2016 on Dificid sales. On strong 2Q13 sales, OPTR is confident of achieving $5 CVR (ultimate takeout value of $15.75); our conservative Dificid sales estimates puts $3 CVR ($13.75/sh).”
Optimer Pharmaceuticals closed on Tuesday at $13.29.
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