Market Overview

JMP, Needham Doubtful Over Chelsea Therapeutics Receiving Additional Bids


JMP & Needham suggest that Chelsea Therapeutics International Ltd. (NASDAQ: CHTP) is not likely to see other offers following the Lundneck bid.

JMP analyst Jason Butler called Chelsea Therapeutics sale process “thorough” and sees a competing bid as “unlikely.” Butler added that the company's contingent value rights (CVR) is a “stretch goal” given that Chelsea has had sales projections ahead of JMP's projects over the past three years.

JMP cut its rating from Outperform to Market Perform and removed its $12.00 price target.

Butler sees Lundbeck as the “favorable” party for Chelsea's Northera due to Lundbeck's “presence and infrastructure” in the neurology sector.

Needham analyst Alan Carr downgraded Chelsea shares from Buy to hold and removed his $10.00 price target. Carr also does not expect additional bids for the pharmaceutical company.

Shares of Chelsea Therapeutics are currently trading at $6.57, versus the deal with Lundbeck at $6.44 per share (+1.50 for CVR).

Latest Ratings for CHTP

Jun 2014WedbushDowngradesOutperformNeutral
May 2014Roth CapitalDowngradesBuyNeutral
May 2014JMP SecuritiesDowngradesMarket OutperformMarket Perform

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