RBC downgrades Kos to sector perform

RBC Capital Markets analyst Ken Trbovich downgraded Kos Pharmaceuticals, Inc. to sector perform, average risk, from a previous rating of outperform, on news that Abbott will acquire Kos for $78 per share in cash. This represents a 40% premium to RBC's previous $55 target price and a nearly 60% premium to Friday's closing price, according to the analyst. Shares of the Cranbury, N.J.-based pharmaceutical company were up $26.97, or 53.84%, at $77.06. (Nasdaq: KOSP)

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