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Cerevel Therapeutics Holdings, Inc. (NASDAQ:CERE) shares are trading higher Thursday after AbbVie, Inc. (NYSE:ABBV) announced it will acquire the company for a total equity value of approximately $8.7 billion.
What To Know:
AbbVie announced that it will acquire Cerevel Therapeutics after the market close on Wednesday. AbbVie will acquire all outstanding shares of Cerevel for $45 per share in cash, with the transaction anticipated to close in the middle of 2024.
On Thursday, Cantor Fitzgerald analyst Charles Duncan downgraded Cerevel Therapeutics from Overweight to Neutral and raised the price target from $38 to $45. Piper Sandler analyst David Amsellem downgraded Cerevel Therapeutics from Overweight to Neutral and raised the price target from $33 to $45.
CERE shares are climbing on heavy volume with more than 15 million shares traded in the session, compared to the stock's 100-day average volume of just under 1.2 million shares.
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CERE Price Action: According to Benzinga Pro, Cerevel Therapeutics shares are up by more than 12% at $41.53 at the time of publication.
Image: Alexandra Koch from Pixabay
