Coherus BioSciences earns Baird upgrade after sales of its flagship drug exceed expectations
Coherus BioSciences, Inc. (NASDAQ:CHRS) shares surged after announcing late Friday that preliminary sales of its drug Udenyca are expected to be between $36 million and $38 million for the fiscal first quarter.
Investors injected new life into the stock, boosting the share price 7.3% to $15.55.
Its sales performance caught the attention of Baird analyst Michael Ulz, who reiterated the firm’s Outperform rating and its price target of $28 for Coherus on Monday.
Udenyca is a biosimilar that stimulates white blood cell growth in patients who have received cancer medications. The consensus estimate for its quarterly sales was a $3.9 million, which the drugmaker wildly exceeded.
Baird’s own estimate was even lower at $2.8 million.
The Redwood City, California company first launched Udenyca in January. Additional updates are expected to be released on May 9.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/218174/coherus-biosciences-earns-baird-upgrade-after-sales-of-its-flagship-drug-exceed-expectations-218174.html
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