BMO Capital analyst Kostas Biliouris downgraded Tourmaline Bio (TRML) to Market Perform from Outperform with a price target of $48, up from $35, after the company agreed to be acquired by Novartis (NVS) for $48 per share or $1.4B. BMO expects a “smooth” deal closure by Q4 without material antitrust concerns.
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