Baird lowered the firm’s price target on Coherus Biosciences to $8 from $9 and keeps an Outperform rating on the shares after the company reached an agreement to sell rights to Yusimry for $40M in cash. The firm views the deal as in line with the company’s strategy to focus on its oncology pipeline, and thinks the cash payment is reasonable in light of the competitiveness of Humira biosimilar market today. Overall, this as another step to improve the balance sheet for Coherus as it focuses on its oncology opportunities, contends Baird.
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