Piper Sandler downgraded Gracell Biotechnologies (GRCL) to Neutral from Overweight with a price target of $10, up from $9, after Gracell entered into a definitive agreement to be acquired by AstraZeneca (AZN) for $10.00 per ADS in cash at closing, plus a non-tradable contingent value right for up to $1.50 per ADS representing a total transaction value of up to $1.2B.
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