HALO - Antares Pharma downgraded by Raymond James 4 others after Halozyme ~$1B acquisition offer

Antares Pharma (NASDAQ:ATRS) was downgraded by five firms — Truist, Ladenburg, Raymond James, Piper Sandler and H.C. Wainwright — after Halozyme Therapeutics (HALO) said on April 13 that it was acquiring Antares Pharma (ATRS) for ~$960M. Truist analyst Gregory Fraser downgraded Antares to Hold from Buy with a price target of $5.60, down from $7. The analyst said Halozyme is an "ideal acquirer" and the deal values both parts of Antares' business. Raymond James analyst Elliot Wilbur downgraded Antares (ATRS) to Market Perform from Strong Buy without a price target after Halozyme (HALO) announced an agreement to acquire Antares for $5.60 per share in cash. Wilbur said Wednesday's share price appreciation, driven by the announced acquisition of the company by Halozyme, effectively captures the essence and potential of the firm's fundamental thesis, leaving little room for further absolute appreciation outside a potential competing offer, which Wilbur views as unlikely. Halozyme (HALO) had

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Antares Pharma downgraded by Raymond James, 4 others after Halozyme ~$1B acquisition offer