Citi Downgrades NGM Biopharmaceuticals (NGM) to Neutral

Citi analyst Samantha Semenkow downgraded NGM Biopharmaceuticals (NASDAQ: NGM) from Buy to Neutral with a price target of $1.55 (from $6.00).

The analyst comments "NGM announced the company has entered into a merger agreement with affiliates of The Column Group (i.e., Atlas Neon Parent and Atlas Neon Merger Sub), the company’s largest shareholder (~26%), for $1.55 per share, representing a total equity value of ~$135M. The merger is expected to close in 2Q24. Upon closing, NGM would become a privately held company and would be delisted from Nasdaq. We view the agreement as unsurprising given The Column Group expressed interest in acquiring NGM last December and we see minimal risk to the deal not closing. Following the announcement, we are downgrading NGM to Neutral/High Risk with a $1.55/shr TP."

For an analyst ratings summary and ratings history on NGM Biopharmaceuticals click here. For more ratings news on NGM Biopharmaceuticals click here.

Shares of NGM Biopharmaceuticals closed at $1.53 yesterday.

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