H.C. Wainwright downgraded Chinook Therapeutics (KDNY) to Neutral from Buy with a price target of $40, up from $32, after the company entered into an agreement to be acquired by Novartis (NVS) for $40 per share in cash plus contingent value rights providing for payments of up to $4 per share upon atrasentan’s potential FDA approvals. The firm expects Chinook’s acquisition to be completed in the second half of 2023 and “conservatively” regards the CVR’s value as “pure upside.”
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