Deutsche Bank analyst Neena Bitritto-Garg downgraded Karuna Therapeutics (KRTX) to Hold from Buy with a price target of $330, up from $227. The company announced plans to be acquired by Bristol Myers (BMY) for $330 a share, a 56% premium to Karuna’s closing price on December 21. The firm views the deal price as “very fair,” and believes there were likely multiple bidders, the analyst tells investors in a research note.
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