UPDATE: Auriga Downgrades ISTA Pharmaceuticals to Hold, $9 PT
Auriga downgrades IST Pharmaceuticals (NASDAQ: ISTA) to a Hold rating and a $9 PT on an increased buyout from Valeant.
Auriga says, "Valeant increased the offer from $6.50 to $7.50-$8.50. Our view for the offer is that it is getting very interesting. The high end of the Valeant offer and low end of our acquisition price ($8.50-$9.50) started to overlap. We believe the two companies are in the price range to start serious negotiation."
ISTA closed at $8.22 on Tuesday.
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