Piper Jaffray Downgrades Micromet to Neutral

Piper Jaffray has published a research report on Micromet

after downgrading the company from Overweight to Neutral and lowering the price target from $12 to $11. In the report, Piper Jaffray writes, "Amgen and Micromet have entered into a merger agreement valuing MITI at $11 per share or $1.16 billion. The transaction is expected to close this quarter. As a result, we are downgrading Micromet to a Neutral rating and reducing our price target to $11 to reflect the all-cash offer price." Micromet is currently trading up $2.64 from yesterday's $8.28 closing price.