Raymond James downgraded 89bio (ETNB) to Market Perform from Outperform without a price target after the company entered into a merger agreement to be acquired by Roche (RHHBY) for $14.50 per share in cash and an aggregate of $6 per share for three non-tradeable contingent value rights. While the deal is under Raymond James’ previous $50 target, it is a positive development, the analyst tells investors in a research note. The firm estimates the deal could close by the end of 2025.
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