Evercore ISI downgraded SpringWorks Therapeutics (SWTX) to In Line from Outperform with a price target of $47, down from $65, after the company was “finally” agreed to be acquired by Merck KGaA (MKGAY) for $47 per share after nearly three months of “endless speculation.” The firm was anticipating an agreement in the $60s prior to last week’s headlines, which it believes “would have still been highly attractive for a buyer” and it calls the deal price “underwhelming to say the least.”
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Read More on SWTX:
- SpringWorks Therapeutics downgraded to Equal Weight from Overweight at Barclays
- SpringWorks Therapeutics downgraded to Neutral from Outperform at Wedbush
- M&A News: Cancer Fighting BioTech SpringWorks Bought by German Firm Merck for $3.9B.
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