Dice Therapeutics downgraded to Market Perform from Outperform at TD Cowen

TD Cowen analyst Marc Frahm downgraded Dice Therapeutics (DICE) to Market Perform from Outperform after Eli Lilly (LLY) announced plans to acquire Dice for $48 per share in cash. The firm believes this bid “represents a fair offer” and while Lilly’s ownership of Taltz will raise some questions, it expects the deal to close given Dice is pre-commercial and there is “a long list of competitors” in the psoriasis space.