RBC Capital downgraded Prometheus to Sector Perform from Outperform with a price target of $200, up from $140, after Merck (MRK) announced plans to acquire the company for $10.8B in cash, or $200 per share. The acquisition highlights the attractive opportunity from RXDX‘s PRA023, the analyst tells investors in a research note. The firm believes the deal is likely to go through.
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Published first on TheFly
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Read More on RXDX:
- Prometheus downgraded to Neutral from Outperform at Credit Suisse
- Prometheus downgraded to Neutral from Overweight at Piper Sandler
- Prometheus downgraded to Neutral from Buy at Guggenheim
- Merck deal for Prometheus a ‘strategic positive,’ says BofA
- Merck acquisition has potential to be ‘great deal,’ says Citi