TCR2 Therapeutics downgraded to Hold from Buy at Truist

As previously reported, Truist analyst Asthika Goonewardene downgraded TCR2 Therapeutics (TCRR) to Hold from Buy with a price target of $3, down from $8, after the company entered into a definitive merger agreement under which Adaptimmune (ADAP) will combine with TCR2 in an all-stock transaction. Truist would have liked to have seen TCR2 shares get a better premium in the swap, but thinks the deal provides a way to pivot to a cell therapy name that also embraces the T-cell Receptor, but is closer to commercialization, the analyst tells investors in a research note.