Truist analyst Joon Lee downgraded Adverum Biotechnologies (ADVM) to Hold from Buy with a $5 price target after Eli Lilly (LLY) agreed to acquire Adverum for $3.56 per share in cash upfront and a $8.91 CVR for a total per share consideration of up to $12.47. The deal “undervalues ixo-vec in our view,” but given the company’s limited operational runway, the firm views it as “a good outcome,” the analyst tells investors.
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