LifeSci Capital downgraded Verve Therapeutics (VERV) to Market Perform from Outperform with a $12 price target 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.
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 VERV:
- Hold Rating on Verve Therapeutics Amid Acquisition and Development Milestones
- Verve Therapeutics downgraded to Hold from Buy at Canaccord
- 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