Coherus Biosciences Gets a Buy Rating from Maxim Group

Maxim Group analyst Jason McCarthy maintained a Buy rating on Coherus Biosciences (NASDAQ: CHRS) today and set a price target of $18. The company’s shares closed yesterday at $14.95.

McCarthy commented:

“Coherus reported 1Q18 with a net loss of $44M and ended the period with $95M in cash on the balance sheet. The company gave guidance for cash use in operations of $32M – $37M in Q2. The company has runway into 4Q18, though upon approval, Coherus should receive the remaining $75M from Temasek that could extend the runway into 2019 and the early launch phase for CHS-1701..”

According to TipRanks.com, McCarthy is a 2-star analyst with an average return of 0.9% and a 36.8% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, SELLAS Life Sciences Group Inc, and ContraVir Pharmaceuticals Inc.

Coherus Biosciences has an analyst consensus of Moderate Buy, with a price target consensus of $16.50.

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Based on Coherus Biosciences’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $44.3 million. In comparison, last year the company had a GAAP net loss of $74.78 million.

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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.