Credit Suisse analyst Judah Frommer downgraded Pear Therapeutics to Neutral from Outperform with a price target of $1, down from $7, after the company said it would be exploring strategic alternatives that could include outright sale, asset divestitures and additional financing. The analyst says patient, provider, and payor adoption for digital therapeutics has been more measured than expected. As such, the firm reduced peak sales assumptions for Pear’s products and extended the assumed ramp to peak sales within its model. It anticipates the company’s cash position will be top of mind for investors over the near and medium terms until strategic next steps are announced.
Published first on TheFly
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