PerkinElmer to Acquire SIRION Biotech

PerkinElmer (PKI), a leading name in medical technology, recently announced the acquisition of SIRION Biotech GmbH, a provider of viral vector-based technologies. The transaction is likely to close in the third quarter of 2021. The terms of the deal have not been disclosed yet.

Following the news, shares of the company rose marginally to close at $153.20 in Tuesday’s trading session.

CEO of PerkinElmer Prahlad Singh said, “By combining SIRION’s innovative “payload” transport technology with our existing Horizon genetic material editing tools and phenotypic research solutions, we will be able to support organizations’ cell and gene therapy workflows as they look to streamline and accelerate their efforts.” (See PerkinElmer stock chart on TipRanks)

Recently, Wolfe Research analyst Liza Garcia upgraded the stock to a Buy with a price target of $172 (12.3% upside potential).

According to Garcia, the company is in line with its target of achieving revenues of over $4 billion in 2023. However, the decline in COVID testing “has overshadowed the positive story.”

The stock has a Moderate Buy consensus rating based on 2 Buys and 1 Hold. The average PerkinElmer analyst price target of $154 implies that shares are almost fully valued, with 0.5% upside potential from current levels. Shares have gained 54.4% over the past year.

PerkinElmer scores an 8 out of 10 on TipRanks’ Smart Score rating system. This indicates that the stock is likely to outperform compared to market averages.

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