Maxim Group analyst Jason McCarthy maintained a Buy rating on Coherus Biosciences (NASDAQ: CHRS) today and set a price target of $25. The company’s shares opened today at $11.80.
McCarthy commented:
“Coherus announced that the FDA has approved UDENYCA (Neulasta biosimilar) for patients receiving myelosuppressive chemotherapy. Recall that UDENYCA was approved on 9/21 in Europe. The next step is moving rapidly towards commercial launch. Coherus will discuss timing and pricing in its quarter update call on 11/8. Conclusion: UDENYCA approval in the US is a major hurdle cleared for Coherus which can now look towards evolving into a commercial entity.”
According to TipRanks.com, McCarthy is a 4-star analyst with an average return of 6.9% and a 44.0% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Coherus Biosciences with a $26.50 average price target.
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Based on Coherus Biosciences’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $43.64 million. In comparison, last year the company had a GAAP net loss of $58.99 million.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CHRS in relation to earlier this year.
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Coherus BioSciences, Inc. is a late-stage clinical biologics platform company, which engages in the development and commercialization of biosimilar therapeutics. Its clinical products include pegfilgrastim biosimilar, adalimumab biosimilar, etanercept biosimilar, ranibizumab biosimilar, and aflibercept biosimilar.
