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Coherus BioSciences earns Baird upgrade after sales of its flagship drug comfortably exceed expectations

Sales of its drug Udenyca are expected to be between $36 million and $38 million for the fiscal first quarter
White blood cells gathering
Udenyca is a biosimilar that stimulates white blood cell growth in patients who have received cancer medications

Coherus BioSciences, Inc. (NASDAQ:CHRS) shares surged after announcing late Friday that preliminary sales of its drug Udenyca are expected to be between $36 million and $38 million for the fiscal first quarter.

Investors injected new life into the stock, boosting the share price 6.9% to $15.49.

Its sales performance caught the attention of Baird analyst Michael Ulz, who reiterated the firm’s Outperform rating and its price target of $28 for Coherus on Monday.

Udenyca is a biosimilar that stimulates white blood cell growth in patients who have received cancer medications. The consensus estimate for its quarterly sales was a $3.9 million, which the drugmaker wildly exceeded.

Baird’s own estimate was even lower at $2.8 million.

The Redwood City, California company first launched Udenyca in January. Additional updates are expected to be released on May 9.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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