ZS Pharma (ZSPH) Stock Gets Rating Downgrade at Credit Suisse
NEW YORK (TheStreet) -- ZS Pharma (ZSPH) stock was downgraded to "neutral" from "outperform" at Credit Suisse this morning.
The firm raised its price target to $90 from $67 on the stock.
On Friday, the biopharmaceutical company agreed to be acquired by AstraZeneca (AZN) for $90 per share, or roughly $2.7 billion.
The merger is a "rational" deal, with ZS Pharma valued at a "reasonable" price and AstraZeneca benefiting from a broadened cardiovascular and metabolic business thanks to ZS Pharma's ZS-9 drug, Credit Suisse said in a note.
The deal should close by the end of this year, and any other potential buyers likely would have surfaced by now, the firm adds.
ZS Pharma should continue to achieve long-term growth by using its "ion-trap" technology to develop innovative drugs, according to Credit Suisse.
Shares of the company are up by 0.13% to $89.16 in early morning trading on Monday.
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