Cowen Comments On Avanir Pharmaceuticals Following Otsuka Acquisition
Cowen analyst Ritu Baral maintained an Outperform rating on Avanir Pharmaceuticals (NASDAQ:AVNR) with a $20 price target, following the news that the company has entered into a definitive agreement with Otsuka Pharmaceutical pursuant to which Otsuka will acquire Avanir for $17.00 per share in cash.
Baral observed, “We see this as an underwhelming offer but see no evidence of other bidders before the tender offer begins in 10 business days and the close of the transaction in 1Q15. We will be paying close attention to transaction details expected in the merger filings over the next few days.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ritu Baral has a total average return of 16.8% and a 43.2% success rate. Baral has a 57.6% average return when recommending AVNR, and is ranked #131 out of 3391 analysts.