Relypsa: What You May Have Missed

Relypsa Inc RLYP 2.77% shares are down more than 15 percent in Friday’s session less than two weeks after they jumped 67 percent in a single day. If you’ve missed Relypsa’s wild rumor-fueled ride this month, here’s a rundown.

Back on April 8, Reuters reported Relypsa was exploring the possibility of a buyout after it had drawn interest from potential buyers. Not surprisingly, the good news sent the stock surging 67 percent.

Benzinga reported on Thursday that Relypsa has dropped Centerview as an M&A advisor, which fueled market speculation that a buyout is now off the table.

Once again, Relypsa’s share price reacted strongly, this time to the downside.

Despite the company reporting mostly in-line prescription numbers for the month of March, Wall Street analysts are attributing Friday’s sell-off to Benzinga’s M&A news.

Brean Capital analyst Difei Yang believes a buyout is still in play and maintains a Buy rating and price target of $26. Other analysts are not so optimistic.

While Mizuho maintains a Neutral rating and a target of $22 for now, analyst Irina Koffler now sees downside in the single digits following Benzinga’s report. Koffler spoke…

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