TCR2 Therapeutics downgraded to Hold from Buy at Jefferies

Jefferies analyst Kelly Shi downgraded TCR2 Therapeutics (TCRR) to Hold from Buy with a price target of $3, down from $18, after the company reached a definitive merger agreement under which Adaptimmune (ADAP). The all-stock transaction will create a new cell therapy company for solid tumors with TCR2 comprising 25% of the joint company, the analyst tells investors in a research note.