JonesResearch analyst Sean Kim downgraded Concert Pharmaceuticals to Hold from Buy after Sun Pharma agreed to acquire Concert for an upfront payment of $8.00 per share in cash, or $576M in equity value, plus a contingent value right worth up to an additional $3.50 per share in cash. He expects Concert shares to trade in a range-bound manner around the price of $8 per share plus the first CVR payout of $1 per share that he calls "highly achievable."
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on CNCE:
- Concert Pharmaceuticals downgraded to Hold from Buy at Jefferies
- Concert Pharmaceuticals downgraded to Market Perform at JMP Securities
- Concert Pharmaceuticals downgraded to Hold from Buy at Truist
- Concert Pharma Soars on Acquisition by Sun Pharma
- Sun to acquire Concert for $8 per share of stock in cash
