Apollo Endosurgery hits session high as analyst see other potential bids

Apollo Endosurgery (NASDAQ:APEN) hit session highs is now up 67% after an analyst said he sees the potential for a higher offer than the Boston Scientific's $10/share deal.
While Boston Scientific (BSX) is the most logical acquirer given its endoluminal franchise, other bidders may include endoscope makers Fuji (OTCPK:FUJIY) and Olympus (OTCPK:OCPNF) as well as global device companies such as Johnson & Johnson (JNJ) and Teleflex (TFX), Craig-Hallum analyst Matt Hewitt wrote in a note on Tuesday.
"While takeout has always been our expectation, we are surprised by both the timing and the price," Hewitt, who has a buy rating and $14 price target on APEN wrote in the note.
"Given the size of the market opportunities, we would not be surprised if another offer came in over the coming weeks ..." Hewitt added.
Boston Scientific (BSX) announced an agreement earlier Tuesday to acquire Apollo Endosurgery (APEN) for nearly $615M or $10 per share in an all-cash deal expected to close in 1H 2023.