Prometheus downgraded to Neutral from Buy at Guggenheim

Guggenheim analyst Yatin Suneja downgraded Prometheus Biosciences (RXDX) to Neutral from Buy with a price target of $200, down from $225, and removed the stock as the analyst’s "Best Idea" after Merck (MRK) announced plans to acquire the company for $10.8B in cash, or $200 per share. This deal "makes sense" as Merck gets a promising late-clinical stage IBD asset and a one-of-a-kind precision medicine platform, said the firm, which sees the valuation as "reasonable" and doesn’t expect any competing offers.