JMP Securities downgraded Mirati Therapeutics (MRTX) to Market Perform from Outperform without a price target after Bristol Myers Squibb (BMY) said it will acquire Mirati for $58 per /share plus a contingent value right of $12 per share. Both company boards have approved the acquisition, and Mirati shares currently represent fair value based on the acquisition price, the analyst tells investors in a research note. JMP believes this was a competitive process and does not rule out that additional potential bidders were involved.
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