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CHRS

Coherus Biosciences

$20.65

-2.05 (-9.03%)

14:17
06/12/17
06/12
14:17
06/12/17
14:17

Coherus shares can hit $30-plus on 2018 approval, says JPMorgan

JPMorgan analyst Chris Schott said that while today's news from Coherus Biosciences of a complete response letter on CHS-1701 is "clearly disappointing," the letter appears "very much addressable." The FDA is requesting reanalysis of a subset of samples using a more sensitive immunogenicity assay, which likely will result in a one year delay in approval, Schott told investors earlier in a research note. He notes the FDA did not request additional clinical studies. Schott continues to believe CHRS-1701 will be one of the first approved biosimilar versions of Neulasta. He views today's selloff in Coherus shares as an overreaction and keeps an Overweight rating on the name. The analyst sees upside to $30 per share assuming CHS-1701 gets approved in 2018. Coherus in afternoon trading is down 27% to $14.98.

  • 12

    Jun

CHRS Coherus Biosciences
$20.65

-2.05 (-9.03%)

06/12/17
STPT
06/12/17
NO CHANGE
STPT
Buy
Coherus Biosciences selloff an overreaction, says Standpoint Research
Standpoint Research analyst Ronnie Moas views this morning's selloff in shares of Coherus Biosciences as an overreaction. The analyst maintains a Buy rating on the name but pushed out his $40 price target to 2019 from 2018 following the company's complete response letter from the FDA. The FDA has "merely requested" additional information, which Coherus can provide, Moas tells investors in an email after listening to the company's conference call. The stock in premarket trading is down 30%, or $6.26, to $14.39.
06/12/17
FBCO
06/12/17
NO CHANGE
Target $38
FBCO
Outperform
Credit Suisse 'cautiously optimistic' on timelines laid out by Coherus
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.
06/12/17
BMOC
06/12/17
NO CHANGE
Target $43
BMOC
Outperform
Coherus Biosciences weakness a buying opportunity, says BMO Capital
BMO Capital analyst Ian Somaiya said CHS-1701 CRL is disappointing but the issues raised are addressable, and expects a timely resolution and re-submission. The analyst lowered Coherus Biosciences' price target to $43 from $54, assuming a one-year delay in the US and reduced probability of an on-time European approval, but said to use weakness as a buying opportunity and maintains an Outperform rating.
06/12/17
COWN
06/12/17
NO CHANGE
Target $45
COWN
Outperform
Coherus Biosciences CHS-1701 CRL 'appears resolvable', says Cowen
Cowen analyst Ken Cacciatore said Coherus Biosciences' CHS-1701 CRL "appears resolvable," with a delay most likely being a year. There does not seem to be any specific issue with 1701, but the FDA would like further analysis with a more refined assay to ensure the highest quality possible, the analyst wrote. Cacciatore rates Coherus a Buy with a $45 price target.

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