UPDATE: Auriga Downgrades ISTA Pharmaceuticals to Hold, $9 PT

Auriga downgrades IST Pharmaceuticals 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.