Coherus Biosciences price target lowered to $7 from $12 at H.C. Wainwright

H.C. Wainwright analyst Douglas Tsao lowered the firm’s price target on Coherus Biosciences (CHRS) to $7 from $12 and keeps a Buy rating on the shares. The firm says the divestiture of Udenyca removes a debt overhang and gives Coherus operational focus on Loqtorzi. Coherus “scored a big win” with its announced divestiture of the Udenyca franchise for $483.4M upfront cash payment, giving the company the ability to largely eliminate debt from its balance sheet which has been the key overhang on shares, the analyst tells investors in a research note.