Coherus Biosciences (CHRS – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst on December 26. Analyst Colleen M. Kusy from Robert W. Baird remains neutral on the stock and has a $11.00 price target.
Colleen M. Kusy has given her Buy rating due to a combination of factors surrounding the recent FDA approval and market potential of Coherus Biosciences’s Udenyca Onbody injector (OBI). The new OBI formulation of Udenyca offers patient-friendly features, such as a five-minute injection time and a retractable needle, which Kusy anticipates will be favorably received by both patients and caregivers. Additionally, the OBI’s approval allows Coherus to tap into a substantial segment of the market, representing about 50%, that prefers on-body injectors. Kusy predicts that the introduction of the OBI will significantly drive growth for Coherus in 2024, reinforcing her Outperform rating for the company’s stock.
Furthermore, Kusy believes that the availability of Udenyca in three formats—prefilled syringe, auto-injector, and now the OBI—positions Coherus to capture a larger share of the pegfilgrastim market, competing effectively with Amgen’s Neulasta. The expectation is that the OBI will reignite growth within the Udenyca franchise which has consistently held its ground in the market since its launch. This strategic expansion of the Udenyca product line is also seen as a key driver that will enable Coherus to meet its financial objective of achieving cash flow positivity in 2024, an assertion that has been met with some skepticism by investors. Kusy’s confidence in Coherus’s potential to reach this goal is bolstered by the timely approval of the OBI, which is projected to contribute to the company’s top-line growth the following year.
M. Kusy covers the Healthcare sector, focusing on stocks such as Ocular Therapeutix, Apellis Pharmaceuticals, and Coherus Biosciences. According to TipRanks, M. Kusy has an average return of -12.6% and a 33.01% success rate on recommended stocks.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $13.00 price target.
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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.
Read More on CHRS:
- Coherus Announces FDA Approval of UDENYCA ONBODY™, a Novel and Proprietary State-of-the-Art Delivery System for pegfilgrastim-cbqv
- Coherus Biosciences announces FDA approval of UDENYCA ONBODY
- Coherus BioSciences Announces New Employment Inducement Grants
- Coherus Biosciences announces updated NCCN practice guidelines for LOQTORZI
- Coherus Announces Updated NCCN Clinical Practice Guidelines Positioning LOQTORZI™ (toripalimab-tpzi) as Preferred Category 1 Regimen for First-Line Treatment of Cancer of the Nasopharynx
