Loxo Oncology upgraded after 'transformative' Bayer pact at JMP Securities

As previously reported, JMP Securities analyst Michael King upgraded Loxo Oncology (LOXO) to Outperform from Market Perform after the company announced a global partnership with Bayer (BAYRY) to develop and commercialize larotrectinib and LOXO-195. While he understands there is some disappointment that the deal fell short of a full buyout, King sees the partnership with a global leader in cancer treatment as "transformative" for Loxo, he tells investors. King set a $95 price target on Loxo shares, which are down 7% to $77.18 in afternoon trading.

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