Concert Pharmaceuticals downgraded to Hold from Buy at Truist

Truist analyst Joon Lee downgraded Concert Pharmaceuticals to Hold from Buy with a price target of $9, down from $25, after Sun Pharma agreed to acquire all outstanding shares of Concert for an upfront payment of $8.00 per share in cash, or $576M in equity value, plus a non-tradeable contingent value right worth up to an additional $3.50 per share in cash. Though Lee is downgrading Concert shares, the analyst argues that Sun is "getting a great deal" and thinks Concert could see other parties interested as well.