H.C. Wainwright analyst Ed Arce downgraded CymaBay Therapeutics (CBAY) to Neutral from Buy with a price target of $32.50, up from $28, citing the pending takeover by Gilead (GILD). The takeout consideration “is more than adequate, if not generous, in our view, and likely reflects to some degree the operational and commercial synergies that perhaps only Gilead could bring to bear,” the analyst tells investors in a research note.
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