Guggenheim analyst Yatin Suneja downgraded Prometheus Biosciences (RXDX) to Neutral from Buy with a price target of $200, down from $225, and removed the stock as the analyst’s "Best Idea" after Merck (MRK) announced plans to acquire the company for $10.8B in cash, or $200 per share. This deal "makes sense" as Merck gets a promising late-clinical stage IBD asset and a one-of-a-kind precision medicine platform, said the firm, which sees the valuation as "reasonable" and doesn’t expect any competing offers.
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Published first on TheFly
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Read More on RXDX:
- Merck acquisition has potential to be ‘great deal,’ says Citi
- Prometheus downgraded to Hold from Buy at Stifel
- Prometheus downgraded to Neutral from Buy at BTIG
- Merck Acquiring Prometheus Biosciences
- Merck acquires Prometheus Biosciences for $200 per share
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