Maxim Group Starts Coherus Biosciences (CHRS) at Buy
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- Polaris Industries (PII) PT Raised to $85 at Stifel Ahead of 4Q Report
- Carter's (CRI) PT Lowered to $105 at Oppenheimer; Reiterates Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesMaxim Group, S1
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!