Jefferies analyst Roger Song downgraded CureVac (CVAC) to Hold from Buy with a price target of $5, down from $7, after the company agreed to be acquired by BioNTech (BNTX). Under the terms of the agreement, each CureVac share will be exchanged for $5.46 in BioNTech shares, resulting in an implied aggregate equity value for CureVac of $1.25B.
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