Brookline downgraded Point Biopharma (PNT) to Hold from Buy with a price target of $12.50, down from $27, as the firm notes that Biotechnology Value Fund, the shareholder that was stalling the acquisition of Point by Eli Lilly (LLY), has sold or tendered their stake in the wake of the SPLASH readout. With the fund no longer in the picture, the firm expects the Lilly acquisition to move forward as planned.
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