H.C. Wainwright downgraded Chinook Therapeutics (KDNY) to Neutral from Buy with a price target of $40, up from $32, after the company entered into an agreement to be acquired by Novartis (NVS) for $40 per share in cash plus contingent value rights providing for payments of up to $4 per share upon atrasentan’s potential FDA approvals. The firm expects Chinook’s acquisition to be completed in the second half of 2023 and “conservatively” regards the CVR’s value as “pure upside.”
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on KDNY:
- Chinook Therapeutics to Present Updated Data from Zigakibart (BION-1301) Phase 1/2 Trial in Patients with IgA Nephropathy (IgAN) at the 60th European Renal Association (ERA) Congress
- Chinook Therapeutics Announces Partnership with Ionis to Develop Antisense Therapy for Rare, Severe Chronic Kidney Disease
- KDNY Upcoming Earnings Report: What to Expect?
- Chinook Therapeutics Announces New Employment Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
- Chinook Therapeutics Announces Upcoming Presentations and Investor Conference Call at the 60th European Renal Association (ERA) Congress
