Oyster Point Pharma downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Joseph Catanzaro downgraded Oyster Point Pharma (OYST) to Neutral from Overweight with a price target of $11, down from $15, after the company agreed to be acquired by Viatris (VTRS). Catanzaro said that the deal comes at just the right time, given the likely capital requirements needed to fully realize what he views as a meaningful long-term commercial opportunity. The analyst sees a high likelihood of this deal closing with no higher bids emerging.