H.C. Wainwright downgraded Verve Therapeutics (VERV) to Neutral from Buy with a price target of $13.50, down from $25, after the company entered into an agreement to be acquired by Eli Lilly (LLY) for an aggregate purchase price of $1.3B. The firm notes that its target price includes the full value of the contingent value right, which it is confident will be fully paid out. Competing bids appear unlikely, the analyst tells investors in a research note.
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Read More on VERV:
- Verve Therapeutics downgraded to Hold from Buy at Jefferies
- Verve Therapeutics downgraded to Market Perform from Outperform at LifeSci
- 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