TD Cowen analyst Ritu Baral downgraded Terns Pharmaceuticals (TERN) to Hold from Buy with a $53 price target after the company agreed to be acquired by Merck (MRK) for $53 per share. The deal “makes sense” given Merck’s global commercialization capability and established presence in oncology, as well as its upcoming Keytruda loss of exclusivity, the analyst tells investors.
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