Alpine Immune Sciences downgraded to Market Perform from Outperform at Leerink

Leerink downgraded Alpine Immune Sciences (ALPN) to Market Perform from Outperform with a price target of $65, up from $42, after the company entered a definitive agreement to be acquired by Vertex Pharmaceuticals (VRTX) for $4.9B or $65 per share. The acquisition of Alpine is a “strong strategic fit” for Vertex, as the company can leverage its resources and expertise in large-scale clinical development and commercial experience/infrastructure in specialty markets to maximize the value of povetacicept in IgA nephropathy and other B-cell mediated autoimmune diseases, the analyst tells investors in a research note.