Maxim Group Keeps a Buy Rating on Coherus Biosciences

By Austin Angelo

In a report released today, Jason McCarthy from Maxim Group reiterated a Buy rating on Coherus Biosciences (NASDAQ: CHRS), with a price target of $43. The company’s shares closed last Friday at $22.35.

McCarthy commented:

“Amgen (as expected) filed suit against Coherus claiming violations of the Neulasta Patent ‘707 (purification process).”

According to TipRanks.com, McCarthy is ranked 0 out of 5 stars with an average return of -11.5% and a 37.4% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as ImmunoCellular Therapeutics, Mateon Therapeutics Inc, and Stellar Biotechnologies.

Currently, the analyst consensus on Coherus Biosciences is Strong Buy and the average price target is $45, representing a 101.3% upside.

In a report issued on May 5, BMO Capital also initiated coverage with a Buy rating on the stock with a $54 price target.

Based on Coherus Biosciences’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $161K and GAAP net loss of $74.78 million. In comparison, last year the company earned revenue of $12.36 million and had a GAAP net loss of $65.39 million.

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Coherus BioSciences, Inc. is a late-stage clinical biologics platform company, which engages in the development and commercializition of biosimilar therapeutics worldwide. It focuses on global biosimilar market. 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.