BMO Capital analyst Evan Seigerman downgraded Terns Pharmaceuticals (TERN) to Market Perform from Outperform with a $53 price target after the company agreed to be acquired by Merck (MRK) for $53 per share. The firm sees “limited direct risks to deal closure” given the minimal pipeline overlap, but adds that the lower deal premium could “leave the door open for a higher bidder.”
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