CHRS stock is moving higher on August 21, 2019, after the company announced it was presenting at two investor healthcare conferences in September.
Management will deliver a company presentation at the Baird 2019 Global Healthcare Conference on Thursday, September 5th at 2:35 p.m. ET taking place in New York, New York. Management will also deliver a company presentation at the H.C. Wainwright 21st Annual Healthcare Conference on Monday, September 9th at 12:50 p.m. ET taking place in New York, New York.
Analysts really like CHRS stock. Of the 7 analysts covering the stock, two give CHRS a strong buy rating while five give it a buy rating. The average analyst price target is $32.17 which represents 46% upside from the current price.
On August 12, 2019, Barclays analyst Balaji Prasad recommends buying shares of Coherus Biosciences (CHRS) on any weakness from Amgen’s (AMGN) favorable Enbrel patent ruling against Novartis (NVS). Coherus is developing its own Enbrel generic, says the analyst, whose model already factors a launch in Q2 of 2029, following the expiration of the last U.S. Enbrel patent. As such, Prasad is making no change to his estimates following Friday’s decision. He remains positive on Coherus and would use any share weakness as an opportunity to add a “fundamentally sound company.” Prasad reiterates an Overweight rating on the shares with a $31 price target.
CHRS stock feels like an entry at this level would be chasing and arriving to the bull party a little late. Adding to the watch list is a good idea. Ideally we would like to see a Supertrend sell signal, a subsequent pullback, and then have the opportunity to enter closer to the next Supertrend buy signal.
Prasad’s comments about an Enbrel generic drug release by Coherus BioSciences in 2029 seems a bit nutty. The time horizon of 10 years out impacting the stock price today seems like a desperate stretch by Prasad to hype the stock. Still, most analysts like the stock and have buy ratings on the name.
Disclosure: We do not hold any position in CHRS stock.