Mizuho downgraded Terns Pharmaceuticals (TERN) to Neutral from Outperform with a price target of $53, down from $54, after the company agreed to be acquired by Merck (MRK) for $53 per share. The firm believes the deal will consummate as proposed. The deal represents an “adequate return” for Terns investors, especially long-term holders, the analyst tells investors in a research note.
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