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CHRS

Coherus Biosciences

$20.65

-2.05 (-9.03%)

14:56
06/12/17
06/12
14:56
06/12/17
14:56

Coherus price target lowered to $33 after complete response letter at Citi

Citi analyst Mohit Bansal, in an intraday follow up note on Coherus Biosciences, lowered his price target on the stock to $33 from $38, stating that the CRL for its Neulasta biosimilar creates uncertainty and delays the product's potential launch by about one year. The analyst, who noted that a positive Supreme Court decision today eliminates a 180 day notice after approval and could expedite launch for the drug by six months, keeps a Buy rating on Coherus shares.

  • 12

    Jun

CHRS Coherus Biosciences
$20.65

-2.05 (-9.03%)

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.
06/12/17
JPMS
06/12/17
NO CHANGE
JPMS
Overweight
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.

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