Market Overview

Here's What's Been Going On With Relypsa

Share:
Related
Watch These 7 Huge Call Purchases In Wednesday Trade
Benzinga's Top Downgrades

On Thursday morning, Relypsa Inc (NASDAQ: RLYP) activist OrbiMed cut its stake from 19 percent to 17.75 percent, which has followed speculation that the company was a takeover target by AstraZeneca plc (NYSE: AZN).

Daily Mail reported that AstraZeneca was reportedly interested in a deal for $46 per share of Relypsa stock. Coupled with a takeover rumor, Wedbush analyst Dr. Lianna Moussatos reiterated an Outperform rating on the stock raising her price target from $75 to $86 per share earlier this week.

In Moussatos' report, she said about a third of Relypsa's salesforce and all of the nephrology salesforce of Sanofi SA (ADR) (NYSE: SNY) began contacting and educating doctors about Veltassa.

"Initial feedback suggests to us that the DDI (drug-drug interaction) box warning is of little concern and is unlikely to materially curb Veltassa prescribing," Moussatos said.

Shares of Relypsa recently traded up 2.22 percent on the day at $28.54.

Latest Ratings for RLYP

DateFirmActionFromTo
Sep 2016BTIG ResearchTerminatesNeutral
Aug 2016Stifel NicolausDowngradesBuyHold
Aug 2016OppenheimerTerminatesOutperform

View More Analyst Ratings for RLYP
View the Latest Analyst Ratings

Posted-In: Analyst Color Biotech Hedge Funds Intraday Update Analyst Ratings Movers General

 

Related Articles (AZN + RLYP)

View Comments and Join the Discussion!