As previously reported, Oppenheimer downgraded Terns Pharmaceuticals to Perform from Outperform and removed the firm’s price target of $58 on the stock. Oppenheimer says Merck’s (MRK) acquisition of Terns (TERN) for $53/share in cash equating to an equity value of about $6.7B validates its conviction for the potential of TERN-701 to address underserved chronic myeloid leukemia patients. The firm anticipates Terns shares to continue trading on deal dynamics, and now expects the deal to close near-term in Q2 following the recent HSR waiting period expiration.
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Read More on TERN:
- Terns Pharmaceuticals downgraded to Perform from Outperform at Oppenheimer
- Merck announces expiration of HSR waiting period to acquire Terns Pharmaceuticals
- Terns Pharmaceuticals downgraded to Market Perform from Outperform at Leerink
- Terns Pharmaceuticals downgraded to Market Perform from Outperform at William Blair
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