Truist lowered the firm’s price target on Coherus Biosciences to $8 from $12 but keeps a Buy rating on the shares after the company announced that it is divesting its non-core assets to focus on oncology business expansion. The move to divest opthalmology assets and pay down debt to eliminate ongoing concerns will please investors and remove a major overhang for the company, the analyst tells investors in a research note, adding however that the firm is also reducing its FY24 revenue view to $328M from $430M and its FY25 view to $444M from $662M.
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