Pear Therapeutics downgraded to Neutral from Buy at Chardan

Chardan analyst Keay Nakae downgraded Pear Therapeutics to Neutral from Buy and withdrew its previous $8 price target after the company announced on March 17 that it has engaged a financial advisor to assist in exploring strategic alternatives. Cash constraints are limiting the company’s commercialization effort for Somryst and further hampering the company’s ability to leverage "one of its key assets," Pear Create, its product design platform, said the firm, which at this point prefers to wait for management for new guidance on its operating strategy in order to construct an appropriate valuation model for the company.