Biotech Stock Soars on AstraZeneca Buyout

Fusion Pharmaceuticals Inc (NASDAQ:FUSN) stock is skyrocketing today, after news that AstraZeneca (AZN) is acquiring the Canadian biotech company for $2.4 billion, or $21 per share. As part of the deal, AZN will gain access to the cancer specialist's most advanced program, FPI-2265, which focuses on prostate cancer. In response, Wedbush cut its rating to "neutral" from "outperform," while Jefferies downgraded the shares to "hold" from "buy," though both firms hiked their price-target hikes. No brokerage in ...