Craig-Hallum downgraded Personalis to hold as a higher bid for the cancer test maker appears unlikely following its sale to Tempus AI.
Personalis Inc. (PSNL) shares fell 6% after Craig-Hallum downgraded the stock to hold from buy, citing a low probability of a competing bid exceeding the announced sale to Tempus AI (TEM). Tempus shares declined 7.2% in tandem.
The downgrade follows Personalis’s agreement last month to be acquired by Tempus, a deal that analysts now view as unlikely to attract higher offers. Prior to the announcement, Personalis had traded near $1.50 per share.
Market reaction reflected investor sentiment around the reduced likelihood of a bidding war, with both stocks retreating in early trading.