Maxim Group Maintains a Buy Rating on Coherus Biosciences

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 opened today at $12.90.

McCarthy said:

“Coherus announced that it has re-submitted the BLA Neulasta biosimilar CHS-1701. The resubmission follows completion of additional immunogenicity data requested by the FDA as part of the 2017 CRL (complete response letter). This is a Type-I response with a 6-month review, positioning approval for later this year (4Q). With the BLA re-filed, we have lowered our risk cut to 15% from 25%, which increases our price target to $18, from $15.”

According to TipRanks.com, McCarthy is a 1-star analyst with an average return of -0.2% and a 36.7% 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 report for the quarter ending December 31, the company posted quarterly revenue of $0 and GAAP net loss of $49.07 million. In comparison, last year the company earned revenue of $161K and 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. The company was founded by Dennis M.