Guggenheim analyst Vamil Divan downgraded Chinook Therapeutics (KDNY) to Neutral from Buy with a price target of $40, up from $35, after the company agreed to be acquired by Novartis (NVS) for $40 per share in cash plus an additional $4 per share that may be payable through a contingent value right, or CVR. The deal reinforces the firm’s view that Chinook is “a best-in-class story in the renal/IgAN space” and also supports the firm’s expectation for an increase in M&A and business development activity in the renal space given continued progress by Chinook and others in developing drugs for IgA nephropathy, or IgAN, and other difficult-to-treat and underserved conditions, the analyst tells investors.
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