Stephens downgraded Centessa (CNTA) to Equal Weight from Overweight with a price target of $47, up from $35, after Eli Lilly (LLY) announced an agreement to acquire the company for $38 per share in cash plus a non-transferable CVR worth up to $9 per share, implying total consideration of up to $47 per share. The firm views the transaction as validating its prior thesis that Centessa’s OX2R agonist portfolio is potentially best-in-class, supported by the depth and breadth of its clinical pipeline, the analyst tells investors.
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