Oppenheimer downgraded Seres Therapeutics (MCRB) to Perform from Outperform without a price target. On Thursday, Seres announced that it entered into a non-binding MOU with partner Nestle (NSRGY) under which Nestle will acquire Seres’ Vowst-related assets, the analyst tells investors in a research note. Given the uncertainty around both the completion of the Vowst asset sale itself, and the value of the remaining assets pending the anticipated Q3 clinical read-out, Oppenheimer is stepping to the sidelines.
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