Leerink downgraded Karuna Therapeutics (KRTX) to Market Perform from Outperform with a price target of $330, up from $270, as the firm expects the stock to trade based on deal dynamics and no longer on fundamentals after Bristol Myers (BMY) agreed to acquire Karuna for $330 per share. The firm doesn’t believe it’s likely that another player will come in at a higher price and we doesn’t expect FTC pushback, the analyst tells investors.
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