TD Cowen downgraded Verona Pharma (VRNA) to Hold from Buy with a price target of $107, up from $100, after the company entered into an agreement under which Merck (MRK) will acquire it for $107 per American depository share, or $10B. TD does not expect regulatory concerns or additional takeover offers. As such, the deal should close in Q4 with no other major catalysts in the interim, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VRNA:
- Nvidia hits $4T market cap, Merck acquires Verona Pharma: Morning Buzz
- Verona Pharma downgraded to Hold from Buy at Canaccord
- Verona Pharma downgraded to Hold from Buy at Jefferies
- Video: Verona Pharma jumps after agreeing to be acquired by Merck for $10B
- Morning Movers: Starbucks climbs following reports of interest in China business