Leerink Downgrades Metsera (MTSR) Following Pfizer Acquisition Announcement
Leerink Partners has downgraded Metsera (MTSR) from Outperform to Market Perform, setting a new price target of $57, a decrease from the previous $77. This decision follows the announcement that Pfizer (PFE) will acquire Metsera for $4.9 billion upfront, with the potential for an additional $2.4 billion based on pipeline milestones, bringing the total deal value to approximately $7.3 billion.
Rationale for the Downgrade
The analyst at Leerink believes that Metsera's innovative pipeline, specifically targeting obesity, will contribute significantly to Pfizer's revenue growth beyond 2028. The analyst estimates the combined peak sales potential of Metsera's assets could exceed $5 billion.
Analyst's Perspective on Metsera's Potential
While acknowledging the long-term potential of Metsera's pipeline within Pfizer, the downgrade likely reflects the achieved gains following the acquisition announcement. The market has already priced in much of the immediate value of the deal.
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