JonesResearch analyst Catherine Novack downgraded Regulus (RGLS) to Hold from Buy with a price target of $7, down from $8, after the company agreed to be acquired by Novartis (NVS) for $7 per share in cash and a $7 per share contingent value right. The firm sees the valuation of the deal as “highly favorable” for Regulus, especially given financing overhang ahead of the Phase 3 trial.
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