Maxim Group analyst Jason McCarthy maintained a Buy rating on Coherus Biosciences (CHRS) today and set a price target of $25. The company’s shares opened today at $17.32.
McCarthy noted:
“CHRS shares are trading up ~12% on better than expected preliminary 1Q19 net sales of $36M-$38M for UDENYCA (initial launch 1/3). These initial figures suggest that uptake is progressing, in our view, faster than anticipated considering consensus estimates for FY19 were ~$70M-$80M as of the 4Q18 earnings call (2/28/19). The company will provide greater detail on its 1Q19 earnings call scheduled for 5/9/19.”
According to TipRanks.com, McCarthy is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -7.0% and a 34.2% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Aridis Pharmaceuticals Inc.
Coherus Biosciences has an analyst consensus of Strong Buy, with a price target consensus of $28.33.
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Based on Coherus Biosciences’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $62.6 million. In comparison, last year the company had a GAAP net loss of $44.3 million.
Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is negative on the stock.
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Coherus BioSciences, Inc. is a commercial-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.
