Wells Fargo downgraded Prometheus (RXDX) to Equal Weight from Overweight with a price target of $200, up from $164. The firm cites Merck’s (MRK) announcement that it will acquire the company for $10.8B or $200/share. Wells expects the deal to close in the third quarter of 2023.
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Published first on TheFly
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Read More on RXDX:
- Prometheus downgraded to Sector Perform from Outperform at RBC Capital
- Prometheus downgraded to Neutral from Outperform at Credit Suisse
- Prometheus downgraded to Neutral from Overweight at Piper Sandler
- Prometheus downgraded to Neutral from Buy at Guggenheim
- Merck deal for Prometheus a ‘strategic positive,’ says BofA