Cantor Fitzgerald analyst Prakhar Agrawal downgraded Provention Bio (PRVB) to Neutral from Overweight with a price target of $25, up from $16, after Sanofi (SNY) agreed to acquire Provention Bio for $25 per share in cash, representing an equity value of approximately $2.9B.
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Published first on TheFly
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Read More on PRVB:
- 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
- Provention Bio management to meet virtually with Oppenheimer
- Provention Bio price target lowered to $16 from $18 at H.C. Wainwright