Guggenheim analyst Yatin Suneja downgraded Tourmaline Bio (TRML) to Neutral from Buy after Novartis (NVS) announced a deal to acquire Tourmaline for $48.00 per share in cash. The firm thinks the deal price is “fair” and reflects pharma’s growing interest in both IL-6-targeting antibodies as a target and “the significant market opportunity in cardiovascular disease,” the analyst tells investors.
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