CHRS - Another Biotech Massively Outperforms Broader Equities

2023-12-27 09:30:08 ET

A California-based %Biotech company is stealing the show during Wednesday’s premarket after it was announced that the FDA approved Udenyca Onbody, a device used to deliver Udenyca for cancer patients. According to the release, the company intends to commercially launch the device in Q1 2024.

Shares of %CoherusBioSciences (Nasdaq: CHRS) are already having quite the day before the opening bell, with traders currently bidding up shares at $2.96/share (+35.78% implied open for sellers) at the time of writing. It should be an exciting session for this small cap!

Coherus BioSciences Inc (Nasdaq: ) is a commercial-stage biopharmaceutical company building an innovative immuno-oncology franchise funded with cash generated by its diversified portfolio of FDA-approved therapeutics. Toripalimab is being evaluated in pivotal clinical trials for the treatment of cancers of the lung, breast, liver, skin, kidney, stomach, esophagus, and bladder. The company markets UDENYCA, a biosimilar of Neulasta in the United States, and expects to launch the FDA-approved Humira biosimilar YUSIMRY in the United States in 2023. The company is also developing CHS-305, a biosimilar of Avastin. The company generates revenue primarily from the United States.