Leerink Partners
Upgrade grade
B
Downgrade grade
B
Leerink Partners is an independent investment bank founded in 2011 by former Lehman Brothers analysts, emerging during the financial crisis aftermath as a boutique alternative to larger Wall Street institutions. The firm has built a respected niche focused primarily on healthcare and life sciences research, leveraging deep sector expertise to serve institutional investors seeking specialized insights in this complex industry. With approximately 262 analyst ratings calls tracked in our database covering US equities, Leerink has established itself as a meaningful voice in healthcare equity research, particularly for therapeutic companies, medical devices, and healthcare services. What distinguishes Leerink's research culture is its commitment to independence and analytical rigor—the firm deliberately maintains a smaller, more focused analyst roster compared to mega-banks, allowing them to conduct more granular due diligence and maintain closer relationships with management teams and clinicians who validate their investment theses.
Upgrades
48
83.33% win rate
· avg +7.95% D1
Downgrades
50
78.0% win rate
· avg -17.12% D1
Avg Gap — Upgrades
+7.23%
open vs prev close
Avg Gap — Downgrades
-14.61%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Healthcare | 82.98% (47) | +7.48% | 78.00% (50) | -17.12% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2025 | 86.4% | 22 | 70.8% | 24 |
| 2024 | 82.4% | 17 | 94.7% | 19 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 21, 2026 | IRD | Opus Genetics, Inc. | Healthcare | Initiates | Outperform | $10 | — | — |
| May 18, 2026 | REGN | Regeneron Pharmaceuticals, Inc. | Healthcare | Downgrade | Outperform → Market Perform | $641 | -11.8% | -9.8% |
| May 15, 2026 | RNA | Atrium Therapeutics, Inc. | Healthcare | Initiates | Outperform | $25 | +1.6% | -0.3% |
| May 14, 2026 | ANTX | AN2 Therapeutics, Inc. | Healthcare | Upgrade | Market Perform → Outperform | $9 | +7.7% | +7.7% |
| May 13, 2026 | JNJ | Johnson & Johnson | Healthcare | Upgrade | Market Perform → Outperform | $265 | +0.7% | +2.7% |
| May 12, 2026 | KLRA | Kailera Therapeutics, Inc. | Healthcare | Initiates | Outperform | $36 | +2.1% | -2.7% |
| May 12, 2026 | ALMR | Alamar Biosciences, Inc. | Healthcare | Initiates | Outperform | $35 | +0.2% | -3.8% |
| May 8, 2026 | ENGN | enGene Holdings Inc. | Healthcare | Downgrade | Outperform → Market Perform | $2 | -0.6% | -12.8% |
| May 5, 2026 | TWST | Twist Bioscience Corporation | Healthcare | Upgrade | Market Perform → Outperform | $70 | +3.8% | +0.9% |
| Apr 29, 2026 | NEO | NeoGenomics, Inc. | Healthcare | Upgrade | Market Perform → Outperform | $25 | +13.6% | -0.7% |
| Apr 28, 2026 | CRMD | CorMedix Inc. | Healthcare | Maintains | Outperform → Outperform | — | +0.9% | -3.2% |
| Apr 28, 2026 | ANAB | AnaptysBio, Inc. | Healthcare | Maintains | Outperform → Outperform | — | +0.9% | -0.7% |
| Apr 24, 2026 | TRAX | First Tracks Biotherapeutics Inc | Healthcare | Initiates | Outperform | $46 | +6.3% | -4.4% |
| Apr 22, 2026 | BBNX | Beta Bionics, Inc. | Healthcare | Maintains | Outperform → Outperform | — | +5.6% | -0.6% |
| Apr 22, 2026 | DFTX | Definium Therapeutics, Inc. | Healthcare | Maintains | Outperform → Outperform | — | +1.0% | -3.2% |
| Apr 22, 2026 | DNLI | Denali Therapeutics Inc. | Healthcare | Maintains | Outperform → Outperform | — | +0.7% | +0.6% |
| Apr 22, 2026 | JAZZ | Jazz Pharmaceuticals plc | Healthcare | Maintains | Outperform → Outperform | — | +0.9% | +1.7% |
| Apr 22, 2026 | NBIX | Neurocrine Biosciences, Inc. | Healthcare | Maintains | Outperform → Outperform | — | +0.8% | +0.7% |
| Apr 22, 2026 | MANE | Veradermics, Incorporated | Healthcare | Maintains | Outperform → Outperform | — | +2.3% | -4.1% |
| Apr 22, 2026 | RVMD | Revolution Medicines, Inc. | Healthcare | Maintains | Outperform → Outperform | — | +0.5% | -5.0% |
| Apr 22, 2026 | ISRG | Intuitive Surgical, Inc. | Healthcare | Maintains | Outperform → Outperform | — | +2.2% | +7.2% |
| Apr 22, 2026 | UNH | UnitedHealth Group Incorporated | Healthcare | Maintains | Outperform → Outperform | — | +1.4% | +2.2% |
| Apr 13, 2026 | REPL | Replimune Group, Inc. | Healthcare | Downgrade | Outperform → Market Perform | — | -64.1% | -64.3% |
| Apr 13, 2026 | SYRE | Spyre Therapeutics, Inc. | Healthcare | Maintains | Outperform → Outperform | — | +30.6% | +23.4% |
| Apr 13, 2026 | RVMD | Revolution Medicines, Inc. | Healthcare | Maintains | Outperform → Outperform | — | +37.2% | +41.3% |