We assume a target price for Harpoon shares at the expected acquisition price of $23/share.

We rate HARP High Risk as is standard practice with clinical-stage biotechnology companies in our coverage.

Risks to achieving our TP include: 1) delays to or dissolution of the acquisition agreement with Merck; 2) Harpoon shareholders do not vote to adopt the merger agreement with Merck; or 3) a competitive bid to acquire Harpoon emerges.