908 Devices downgraded to Market Perform from Outperform at Leerink

Leerink downgraded 908 Devices (MASS) to Market Perform from Outperform with a price target of $4, down from $12. Though the firm still sees promise in 908 Devices’ differentiated process analytical technology portfolio and a technically strong management team, Leerink believes the well-known market headwinds in biopharma/life sciences are now made worse with an uncertain outlook in the forensics end-market. The firm expects 2025 estimates to step down further on a longer-than-expected recovery and federal budget delays/uncertainty impacting the forensics business. Historically the handheld business has served as a bridge through these headwinds, but the Q3 miss and significant guide-down leave Leerink more uncertain.