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.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on CERE:
- M & A News: AbbVie (NYSE:ABBV) Doubles Down on Acquisitions, Buys CERE for $8.7B
- AbbVie to Acquire Cerevel Therapeutics in Transformative Transaction to Strengthen Neuroscience Pipeline
- Cerevel Therapeutics to Host Investor Webcast on Tavapadon in Parkinson’s Disease
- Cerevel Therapeutics reinstated with a Neutral at JPMorgan
- Cerevel Therapeutics to Present at Upcoming Investor Conferences