Piper Sandler downgraded Infinity Pharmaceuticals (INFI) to Neutral from Overweight with a price target of 30c, down from $3. Infinity announced its intention to merge with MEI Pharma (MEIP) and while the exchange ratio was not disclosed, Infinity shareholders are expected to own 42% of the combined company and MEI shareholders should own 58%, the analyst tells investors in a research note. The firm downgraded Infinity due to the merger.
Published first on TheFly
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