Truist analyst Srikripa Devarakonda downgraded Terns Pharmaceuticals (TERN) to Hold from Buy with a price target of $53, down from $56, after the company agreed to be acquired by Merck (MRK) for $53 per share. Some investors have hope for an interloper, but Truist believes that Merck wouldn’t have announced the acquisition unless it was close to being finalized, the analyst tells investors in a research note.
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