Personalis Inc. dropped 6% after Craig-Hallum downgraded the cancer test maker to hold from buy, saying a higher bid than its announced sale to Tempus AI is unlikely. Tempus shares fell 7.2%. Last month, Tempus AI agreed to buy Personalis for $16.25 a share in a primarily all-stock deal, with Tempus having the option to pay up to 50% in cash. Craig-Hallum analyst Bill Bonello wrote that a competing bid is unlikely because Tempus is the key commercial partner responsible for selling Personalis's NeXT Personal MRD Test, and Merck, which owns about 13% of Personalis shares, has agreed to vote in favor of the deal with Tempus.
Personalis IncDowngraded to hold on view that a competing bid is unlikely
Merck & Company Inc
Moderna Inc
Tempus AI, Inc. Class A Common StockShares fell 7.2% as analyst sees no competing bid for Personalis
Merck KGaA