Maxim Group Starts Coherus Biosciences (CHRS) at Buy
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Maxim Group initiated coverage on Coherus Biosciences (NASDAQ: CHRS) with a Buy rating and a price target of $43. Analyst Jason McCarthy sees opportunity in biosimilars.
The analyst explained, "Biosimilars are coming as a wave of patent expirations breaks over the cliff, with over 30 biologics facing expiration before the end of the decade. It’s a $100B+ opportunity, and Coherus is on a path to drive at least three biosimilars to market ($30B opportunity) over the next several years: CHS-1701 (Neulasta, BLA filed), CHS-1420 (Humira, BLA filing YE16) and CHS-0214 (Enbrel, MAA filing YE16)."
McCarthy added, "Biosimilars could eventually rise to 50%-plus share of the market. Timing of commercialization is dependent on patent litigation, where we believe Coherus has a strategic advantage over competing biosimilars. We estimate that each Coherus biosimilar could capture up to 20% share in its respective market, representing a multibillion dollar opportunity for Coherus and its partners, pointing to upside at CHRS's current valuation."
Shares of Coherus Biosciences closed at $30.81 yesterday.
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