Canaccord downgraded Harpoon Therapeutics (HARP) to Hold from Buy with a price target of $23, down from $30, after Merck (MRK) announced that it will acquire all outstanding shares of Harpoon in an all cash offer for $23 per share. The firm believes the timing “makes a lot of sense for Harpoon,” as it recently had de-risking data from lead asset HPN328 and this will “be better served in the hands of a larger company,” the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on HARP:
- M & A News: Merck (NYSE:MRK) to Acquire Harpoon for $680 Million
- M & A: Merck (NYSE:MRK) Bolsters Oncology Portfolio With Harpoon Deal
- Harpoon Therapeutics initiated with an Outperform at Oppenheimer
- Harpoon Therapeutics Strengthens Leadership Team
- Harpoon Therapeutics appoints James Bucher as CLO, Wendy Chang as CPO