Transaction Overview: Mersana's deal with Day One Biopharmaceuticals offers shareholders $25.00 per share in cash and potential contingent value rights of up to $30.25 per share, resulting in an approximate equity value of $129 million at closing, with a total deal value of up to $285 million if all milestone payments are achieved.
Insider Benefits: Mersana insiders are set to receive substantial benefits as part of change of control arrangements, raising concerns about whether the board is fulfilling its fiduciary duties to all shareholders.
Competition Restrictions: The transaction agreement imposes unreasonable limitations on competing transactions for Mersana, with significant penalties for accepting competing bids, potentially harming shareholder interests.
Legal Investigation: The Ademi Firm is investigating the conduct of Mersana's board to determine if they are adhering to their fiduciary responsibilities to all shareholders, particularly in the context of shareholder rights during mergers and acquisitions.
MRSN
$28.89+Infinity%1D
Analyst Views on MRSN
Wall Street analysts forecast MRSN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MRSN is 30.75 USD with a low forecast of 30.75 USD and a high forecast of 30.75 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Analyst Rating
Wall Street analysts forecast MRSN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MRSN is 30.75 USD with a low forecast of 30.75 USD and a high forecast of 30.75 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Buy
4 Hold
0 Sell
Hold
Current: 28.590
Low
30.75
Averages
30.75
High
30.75
Current: 28.590
Low
30.75
Averages
30.75
High
30.75
Wedbush
Outperform
to
Neutral
downgrade
$55.25
2025-11-13
Reason
Wedbush
Price Target
$55.25
2025-11-13
downgrade
Outperform
to
Neutral
Reason
Wedbush downgraded Mersana Therapeutics (MRSN) to Neutral from Outperform after Day One Biopharmaceuticals (DAWN) agreed to acquire Mersana for total consideration of up to $55.25 per share in cash.
BTIG
Buy -> Neutral
downgrade
$25
2025-11-13
Reason
BTIG
Price Target
$25
2025-11-13
downgrade
Buy -> Neutral
Reason
BTIG downgraded Mersana Therapeutics (MRSN) to Neutral from Buy following news this morning of Mersana's acquisition by Day One Biopharmaceuticals (DAWN) for $25 per share in cash at closing plus one non-tradable CVR per share to receive certain potential milestone payments of up to an aggregate of $30.25 per CVR in cash.
Truist
Buy
to
Hold
downgrade
$36
2025-11-13
Reason
Truist
Price Target
$36
2025-11-13
downgrade
Buy
to
Hold
Reason
Truist downgraded Mersana Therapeutics (MRSN) to Hold from Buy with a price target of $30.75, down from $36, after Day One Biopharmaceuticals (DAWN) agreed to acquire Mersana for $25.00 per share in cash plus up to $30.25 per share in contingent value rights tied to clinical, regulatory, commercial, and collaboration milestones related to Emi-Le. The firm, which believes the deal will go through, thinks the CVR is worth $5.75.
Leerink
Jonathan Chang
Outperform -> Market Perform
downgrade
$29
2025-11-13
Reason
Leerink
Jonathan Chang
Price Target
$29
2025-11-13
downgrade
Outperform -> Market Perform
Reason
Leerink analyst Jonathan Chang downgraded Mersana Therapeutics (MRSN) to Market Perform from Outperform with a $29 price target after Day One Biopharmaceuticals (DAWN) agreed to buy the company for $25 per share in cash at closing plus one CVR worth up to an aggregate of $30.25 in cash.
About MRSN
Mersana Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which is focused on the development of antibody-drug conjugates (ADCs), which offer a clinically meaningful benefit for cancer patients with significant unmet needs. It has developed two proprietary and differentiated ADC platforms: Dolasynthen and Immunosynthen. Dolasynthen is a cytotoxic ADC platform that is designed to generate site-specific, homogeneous ADCs. Immunosynthen is its proprietary stimulator of interferon genes (STING)-agonist platform that is designed to generate systemically administered ADCs that locally activate STING signaling in both antigen-expressing tumor cells and in tumor-resident immune cells. The Company's pipeline includes Emi-Le (emiltatug ledadotin; XMT-1660), a Dolasynthen ADC targeting B7-H4, and XMT-2056, an Immunosynthen ADC targeting a novel epitope of human epidermal growth factor receptor 2 (HER2).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
