Maxim Group Reaffirms Their Buy Rating on Coherus Biosciences


In a report released today, Jason McCarthy from Maxim Group maintained a Buy rating on Coherus Biosciences (NASDAQ: CHRS), with a price target of $22. The company’s shares opened today at $16.70.

McCarthy commented:

“Coherus announced that the FDA has accepted for review the recently re- submitted BLA for CHS-1701 (Neulasta biosimilar). This is a Type I response related to the CRL received last year, 6 month review. The BSUFA (Biosimilar User Fee Act) data is November 3, 2018. We have removed our risk adjustment of 15% in our model, which raises our price target to $22, from $18.”

According to TipRanks.com, McCarthy is a 3-star analyst with an average return of 2.4% and a 40.2% 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 $18.50.

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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.

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