Citi analyst Samantha Semenkow downgraded NGM Biopharmaceuticals to Neutral from Buy with a price target of $1.55, down from $6, after the company announced a merger agreement with affiliates of The Column Group, the company’s largest shareholder, for $1.55 per share. The firm views the agreement as “unsurprising” given The Column Group expressed interest in acquiring NGM last December and it sees minimal risk to the deal not closing, the analyst tells investors.
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Read More on NGM:
- NGM Biopharmaceuticals Acquisition by Atlas Neon Parent
- NGM Bio Has Entered into a Definitive Agreement and Plan of Merger with Certain Affiliates of The Column Group, LP
- NGM Biopharmaceuticals trading halted, news pending
- NGM Earnings this Week: How Will it Perform?
- NGM Bio to Participate in the Cowen 44th Annual Health Care Conference
