BofA lowered the firm’s price target on Coherus Biosciences to $6 from $7 and keeps a Neutral rating on the shares. The firm forecasts Q3 sales slightly below consensus on lower Udenyca sales due to pricing headwinds and sees Q3 as “a mixed bag,” noting that its lower price target reflects an updated share count following Coherus’ recent announcement of $8M in share-based compensation to a contract manufacturing organization, or CMO.
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