Wells Fargo analyst Derek Archila downgraded MorphoSys (MOR) to Equal Weight from Overweight with a price target of $18.25, up from $17, noting that the Novartis (NVS) deal is on track to close in the first half. Novartis previously announced that it has entered into an agreement to make a voluntary public takeover offer to acquire MorphoSys for EUR 68 per share, or an aggregate of EUR 2.7B.
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