Pardes downgraded to Market Perform from Outperform at JMP Securities

JMP Securities downgraded Pardes Biosciences to Market Perform from Outperform without a price target. The analyst also terminated coverage of the name after Pardes announced this morning that it has agreed to be acquired by MediPacific for between $2.02 and $2.19 per share in cash, plus a contingent-value right for potential future value realization from Pardes’ coronavirus assets. The firm views a competing bid as unlikely.