Ladenburg analyst Matthew Kaplan downgraded Reata Pharmaceuticals (RETA) to Neutral from Buy with a price target of $172.50, up from $122, after Biogen (BIIB) agreed to acquire Reata for $172.50 per share in cash. The firm, which is “impressed with the terms of the transaction” and believe they represent “a strong deal for both parties,” views Reata as a strong strategic fit for Biogen.
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