Adverum Biotechnologies downgraded to Neutral from Buy at Chardan

Chardan downgraded Adverum Biotechnologies (ADVM) to Neutral from Buy with a $5 price target after the company agreed to be acquired by Eli Lilly (LLY) for $3.56 per share in cash plus a non-transferrable contingent value right worth up to $8.91 in cash pending certain milestones. The firm is “disappointed” with the deal as it believes the price paid “significantly undervalues” Adverum. However, it acknowledges that the company was “rapidly approaching the end of its cash runway.”