Coherus Biosciences Received its Third Buy in a RowBy Ryan Adsit
After Robert W. Baird and Citigroup assigned a Buy rating to Coherus Biosciences in the last month, the company received another Buy, this time from Credit Suisse. Analyst Alethia Young reiterated a Buy rating on Coherus Biosciences (NASDAQ: CHRS) today and set a price target of $38. The company’s shares opened today at $26.25.
“We don’t view the ‘166 IPR as impactful to our thesis that Coherus will emerge to be an important player in the biosimilar space. On the earnings call, the company reaffirmed their target for a partnership for the TNF assets in 1H17 and is also targeting a partnership for 1701 (Neulasta) ex-US in 1H17. We think these partnerships are important value driving catalysts as Coherus becomes a commercial stage company with their first US approval expected in 2Q17.”
According to TipRanks.com, Young is ranked 0 out of 5 stars with an average return of -4.1% and a 39.1% success rate. Young covers the Healthcare sector, focusing on stocks such as Achillion Pharmaceuticals, Ionis Pharmaceuticals Inc, and Alexion Pharmaceuticals.
Currently, the analyst consensus on Coherus Biosciences is Strong Buy and the average price target is $46, representing a 75.2% upside.
In a report issued on November 7, Citigroup also maintained a Buy rating on the stock with a $36 price target.
Based on Coherus Biosciences’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $163 million and quarterly net profit of $83.94 million. In comparison, last year the company earned revenue of $7.17 million and had a GAAP net loss of $71.33 million.
Coherus BioSciences, Inc. engages in the development and commercializition of biosimilar therapeutics worldwide. Its clinical-stage pipeline consists of two anti-inflammatory agents targeting tumor necrosis factor, a substance in the body that is involved in the inflammatory response; and a long-acting form of granulocyte colony-stimulating factor, a beneficial substance in the body that stimulates production of granulocytes (a type of white blood cell) in order to promote the body’s ability to fight infections. The company was founded by Dennis M. Lanfear and Stuart E. Builder in September 2010 and is headquartered in Redwood City, CA.