H.C. Wainwright downgraded Cerevel Therapeutics (CERE) to Neutral from Buy with a price target of $45, up from $41, after AbbVie (ABBV) said it will acquire all outstanding shares of Cerevel for $45.00 per share in cash. Given the “breadth and quality” of Cervel’s pipeline, the analyst is not surprised to see it acquired by a major pharmaceutical company.
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