Jefferies analyst Chris Howerton downgraded Provention Bio (PRVB) to Hold from Buy with a price target of $25, up from $22, after the company reached an agreement to be acquired by Sanofi (SNY) in an all-cash transaction valued at $2.9B or $25 per share. The transaction is expected to close in Q2 and the valuation looks fair given the Teplizumab market opportunity, the analyst tells investors in a research note. The firm sees a low likelihood of a no-deal scenario, counterbid, or Federal Trade Commission issues.
Published first on TheFly
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Read More on PRVB:
- Provention Bio downgraded to Neutral from Outperform at SMBC Nikko
- Provention Bio downgraded to Neutral from Overweight at Cantor Fitzgerald
- Provention Bio cancels Q4, FY22 earnings release, conference call
- Provention Bio Soars after Acquisition by Sanofi for $2.9 Billion
- Sanofi acquires Provention Bio for $25 per share or $2.9B
