Stifel analyst Alex Thompson downgraded Chinook Therapeutics (KDNY) to Hold from Buy with a price target of $41, down from $43, after Novartis (NVS) agreed to acquire Chinook for $3.2B upfront plus contingent value rights, or CVRs, worth up to $320M. The firm has updated its model to reflect the terms of the deal, including the CVRs, risk adjusted and discounted to their respective timelines.
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