Surface Oncology downgraded to Neutral from Outperform at Baird

Baird analyst Colleen Kusy downgraded Surface Oncology (SURF) to Neutral from Outperform after it was announced that Coherus Biosciences (CHRS) will acquire Surface Oncology in a stock transaction valued at about $65M, or about $45M enterprise value. In light of the early-stage for both of Surface’s two lead assets, SRF388 and SRF114, and the current capital markets, the firm expects this deal to go through.