Stifel analyst Alex Thompson downgraded Dice Therapeutics (DICE) to Hold from Buy with a price target of $48, down from $54, after Eli Lilly’s (LLY) deal to acquire Dice for $2.4B. The firm views the likelihood of deal-closure as high given the early stage nature of Dice’s oral IL-17 program DC-806, which is still in Phase 2, despite Lilly’s own IL-17 antibody that competes with other approved agents in the “highly-competitive” psoriasis market.
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Published first on TheFly
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Read More on DICE:
- Dice Therapeutics downgraded to Neutral from Overweight at Cantor Fitzgerald
- Dice Therapeutics downgraded to In Line from Outperform at Evercore ISI
- Dice Therapeutics downgraded to Hold from Buy at Canaccord
- Dice Therapeutics price target raised to $48 from $38 at Wells Fargo
- DICE Surges after $2.4 Billion Acquisition by LLY