Here's What's Been Going On With Relypsa
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
|Sep 2016||BTIG Research||Terminates||Neutral|
|Aug 2016||Stifel Nicolaus||Downgrades||Buy||Hold|
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