Harpoon Therapeutics downgraded to Hold from Buy at Canaccord

Canaccord downgraded Harpoon Therapeutics (HARP) to Hold from Buy with a price target of $23, down from $30, after Merck (MRK) announced that it will acquire all outstanding shares of Harpoon in an all cash offer for $23 per share. The firm believes the timing “makes a lot of sense for Harpoon,” as it recently had de-risking data from lead asset HPN328 and this will “be better served in the hands of a larger company,” the analyst tells investors.