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UPDATE: Mizuho Securities Downgrades Auxilium Pharmaceuticals


Mizuho Securities downgraded Auxilium Pharmaceuticals, Inc. (NASDAQ: AUXL) from Buy to Neutral and lowered its price target from $37 to $33 in a report issued Friday.

On Thursday, Endo Health Solutions Inc (NASDAQ: ENDP) announced it would acquire Auxilium in a $2.6 billion cash and stock transaction.

Analysts Mario Corso and Tim McDonough felt the offer reflected the fair value and lowered the target price to be "in-line with the agreed upon takeout price, because we expect shareholders to approve the deal and do not foresee a competing bid."

The report noted that Auxilium terminated its agreement to acquire QLT Inc (NASDAQ: QLTI) as a result of the acquisition agreement with Endo. The deal will "likely to receive AUXL shareholder approval in our opinion, competing bid not likely given that nearly four weeks have lapsed since ENDP's initial offer."

Shares of Auxilium recently traded at $31.92, down 1.6 percent.

Latest Ratings for AUXL

Oct 2014MizuhoDowngradesBuyNeutral
Oct 2014MKM PartnersDowngradesBuyNeutral
Sep 2014RBC CapitalDowngradesOutperformSector Perform

View More Analyst Ratings for AUXL
View the Latest Analyst Ratings


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Posted-In: Mario Corso Mizuho Securities Tim McDonoughAnalyst Color Downgrades Price Target Analyst Ratings

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