Affimed downgraded to Equal Weight at Wells after insolvency filing

Wells Fargo downgraded Affimed (AFMD) to Equal Weight from Overweight with a price target of 10c, down from $11, following the announcement that the company is opening insolvency proceedings given that the company’s liquidity condition raises substantial doubt about its ability to continue as a going concern. Though there is value in acimtamig, the small market opportunity likely has limited the company’s ability to access capital, the analyst tells investors.