Ladenburg Thalmann Downgrades Micromet to Neutral

Ladenburg Thalmann has published a research report on Micromet MITI and has downgraded the company from Buy to Neutral after the announcement that Amgen will acquire the company for $11/share. In the report, Ladenburg Thalmann writes, "We believe the $1.1 billion price tag represents fair value for MITI given blinatumomab's current stage of development (Phase 2b with potential pathway to accelerated approval) and MITI's early stage pipeline candidates. We believe the deal highlights the importance of a Company having robust platform technology, validation by multiple partners and multiple potential applications for the technology and pipeline." Ladenburg Thalmann has also raised the price target from $8 to $11 on Micromet, which is currently trading up $2.65 from yesterday's $8.28 closing price.