Canaccord downgraded Verve Therapeutics (VERV) to Hold from Buy with a price target of $13, down from $39, after Eli Lilly (LLY) announced a definitive agreement to acquire Verve. Lilly will commence a tender offer to acquire all of the outstanding shares of Verve for a purchase price of $10.50 per share in cash, an aggregate of approximately $1B, plus one non-tradeable contingent value right per share that entitles the holder to receive up to an additional $3.00 per share.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VERV:
- Verve Therapeutics downgraded to Market Perform at William Blair
- Morning Movers: Verve skyrockets after deal to be acquired by Eli Lilly
- Video: Verve, solar stocks among major pre-market movers
- Verve Therapeutics Merges with Eli Lilly in Acquisition
- Eli Lilly to acquire Verve Therapeutics for $10.50 per share in cash
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue