Coherus BioSciences Stock Is Soaring After-Hours - Here's Why
Portfolio Pulse from Ryan Gustafson
Coherus BioSciences, Inc. (NASDAQ:CHRS) stock surged in after-hours trading following the FDA approval of UDENYCA ONBODY for pegfilgrastim-cbqv. The product is an on-body injector for a biosimilar administered post-chemotherapy to reduce infection risk. The company highlighted the demand for such a device and anticipates a positive reception due to its features like a five-minute injection time and retractable needle mechanism. UDENYCA ONBODY is expected to be commercially available in Q1 2024.
December 26, 2023 | 9:30 pm
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POSITIVE IMPACT
Coherus BioSciences' stock soared after the FDA approved UDENYCA ONBODY, a device designed to deliver a biosimilar for reducing infection post-chemotherapy. The approval is a significant milestone for the company and is expected to meet market demand with its patient-friendly features.
The FDA approval of UDENYCA ONBODY is a critical regulatory milestone that typically leads to increased investor confidence and can significantly impact the company's revenue prospects. The positive market reaction in after-hours trading indicates strong investor sentiment, which is likely to carry over into the short term. The product's innovative features and anticipated demand suggest potential for commercial success, further bolstering the stock's outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100