Fusion Pharmaceuticals rises after Raymond James upgrades to 'strong buy'

Fusion Pharmaceuticals

27/12/2023 17:25

** Shares of biotech co Fusion Pharmaceuticals  FUSN.O  rise
11.2% to $8.86 after Raymond James upgrades stock to "strong
buy" from "outperform" 
    ** Stock hit its highest level in over two years earlier in
today's session
    ** Brokerage says upgrade follows a series of high-profile
M&A activity among radiopharma cos including Bristol-Myers'
 BMY.N  takeover of RayzeBio  RYZB.O  for about $4.1 bln and Eli
Lilly's  LLY.N  $1.4 bln takeover of Point BioPharma  PNT.O  
    ** Expects any potential bid for FUSN would come at a
significant premium
    ** Raises PT on stock to $15 from $12, an upside of 88% to
co's last close, second highest among Wall Street analysts
covering the stock
    ** All 14 analysts covering stock rate it "buy" or higher;
median PT at $12.50 - LSEG data 
    ** FUSN stock has risen over 60% so far this year
    

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))