Cliffs Natural Resources Inc (NYSE:CLF), a mining and natural-resources company, received an investment-rating downgrade Monday from analysts at JPMorgan to a neutral rating from overweight. The firm also slashed its price target on the stock to $5 from $18 a share, implying the firm expects a downside of 32% from CLF's Friday closing price. Shares of Cliffs Natural Resources Inc (NYSE:CLF) are trading near the bottom of their regular-sesion 52-week range of $7 to $28.98.Apricus Biosciences Inc (NASDAQ:APRI) said the U.S. Patent and Trademark Office has issued a notice of allowance for a patent application it submitted related to methods and compositions for treating Raynaud's phenomenon, including claims related to treating Raynaud's phenomenon that is secondary to systemic sclerosis. Raynaud's phenomenon secondary to systemic sclerosis affects an estimated 3% to 5% of people in the U.S., disproportionately affecting women and currently has no approved therapy in the U.S., representing an unmet medical need, the biopharmaceutical company noted.It said the FDA has indicated Apricus's RayVa product may qualify for priority review, given the unmet medical need and lack of approved products to treat secondary Raynaud's phenomenon. The FDA will determine if the RayVa New Drug Application qualifies for priority review following its submission, which could occur as early as 2017. Apricus Biosciences Inc (NASDAQ:APRI) trades in a 52-week range of $1.21 to $2.71, with the low end of that range set Friday.Atlas Energy LP (NYSE:ATLS) said, along with its midstream subsidiary, Atlas Pipeline Partners, L.P. (APL), that both companies have agreed to be acquired by Targa Resources Corp. (TRGP) and Targa Resources Partners LP (NGLS), respectively, in a transaction valued at approximately $7.7 billion. In the deals, TRGP will acquire ATLS immediately after it completes a distribution of its non-midstream assets. Following the distribution of these assets, Atlas Energy LP (NYSE:ATLS) assets will consist of its interests in the general partner and incentive distribution rights in APL, as well as 5.8 million APL common units, which will be acquired by TRGP in a merger transaction with ATLS for approximately $1.9 billion.As a result of the transactions, each ATLS common unit will receive: 1) $9.12 in cash, 2) 0.1809 of a share of TRGP common stock, and 3) a pro rata share in 100% of ATLS' distributed non-midstream assets. Also, NGLS will acquire APL for approximately $5.8 billion, which includes APL's existing debt of $1.8 billion. APL unitholders will receive: 1) 0.5846 units of NGLS and 2) $1.26 in cash for each APL unit. Based on the closing price of NGLS on October 10, 2014, the total APL per unit consideration has a value of $38.66, which represents a 15% premium to the closing price of APL common units on October 10, 2014. The transactions are expected to close in Q115. ATLS shares were last up 11% and APL up nearly 13%. NGLS and TRGP were flat.
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