Credit Suisse analyst Alethia Young reiterates her previous belief that shares of Coherus Biosciences could trade to $12-$15 based on a complete response letter scenario. The CRL news today is not worst case, however, as there were not major issues like running wrong clinical studies, manufacturing and fill-finish, Young tells investors in a research note. The analyst believes approval of CHS-1701 remains the catalyst for Coherus. This means the key catalyst is likely shifted until mid or second half of 2018. Young writes. The analyst is "cautiously optimistic" on the timelines laid out by management and keeps an Outperform rating on the shares. The stock in morning trading is down 27% to $15.07.