Buy Rating Affirmed for Coherus Biosciences Amid Strong Udenyca Sales and Strategic Financial Management

H.C. Wainwright analyst Douglas Tsao maintained a Buy rating on Coherus Biosciences (CHRS – Research Report) today and set a price target of $12.00.

Douglas Tsao has given his Buy rating due to a combination of factors relating to Coherus Biosciences’ financial and market performance. He notes that the company’s financial updates for the first quarter of 2024 indicate a positive momentum in Udenyca sales, which have not only exceeded estimates but also shown significant quarter-over-quarter and year-over-year growth. Tsao emphasizes the strategic management of competitive market dynamics that have allowed Coherus to excel. Additionally, he points out that the company’s recent balance sheet actions, such as the sale of non-core assets and restructuring of debt, have significantly improved its financial stability.
Furthermore, Tsao is optimistic about the potential growth from Udenyca’s new on-body presentation, which could meaningfully contribute to the company’s market share in the future. He also touches on the successful launch of Loqtorzi, Coherus’s FDA-approved therapy for nasopharyngeal carcinoma, which is already gaining traction in treatment guidelines and achieving formulary coverage. These factors, along with expectations of continued uptake among healthcare providers and the anticipation of upcoming clinical data presentations, bolster Tsao’s confidence in recommending a Buy rating for Coherus Biosciences.

TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.

Coherus Biosciences (CHRS) Company Description:

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. The company was founded by Dennis M. Lanfear, Stuart E. Builder, Dr. Alan Herman, Doug Farrar and Steve Glover in September 2010 and is headquartered in Redwood City, CA.