CHRS

UBS analyst Ashwani Verma lowered the firm's price target on Coherus Biosciences to $1.05 from $1.50 and keeps a Neutral rating on the shares.

Coherus intends to strengthen and sharpen its focus on the advancement of its innovative, next-generation, immuno-oncology portfolio in combination with LOQTORZI. LOQTORZI is a next-generation, differentiated PD-1 marketed in the U.S. in two indications. Coherus plans to maximize the value of this product by: Continuing to build launch momentum as the first and only FDA-approved treatment for recurrent, locally advanced or metastatic NPC; Developing new indications by combining LOQTORZI with internal pipeline assets to advance two drug candidates; and Entering into capital-efficient external partnerships for additional label expansions. Additional partnerships evaluating LOQTORZI with novel promising cancer agents are planned for 2025. Casdozokitug is a first-in-class, clinical-stage IL-27 antagonist, with demonstrated monotherapy activity in treatment-refractory non-small cell lung cancer and clear cell renal cell carcinoma and combination activity in hepatocellular carcinoma. The Company plans to: Initiate a Phase 2 randomized trial of casdozokitug/toripalimab/bevacizumab in first-line HCC in Q4 2024; Announce final data from its Phase 2 trial of casdozokitug/atezolizumab/bevacizumab in 1L HCC in Q1 2025; and Report data from its Phase 1 study of casdozokitug/toripalimab in second to fourth line NSCLC in 1H 2025. CHS-114 is a highly selective cytolytic CCR8 antibody that specifically binds and preferentially depletes CCR8+ tumor regulatory T cells with no off-target binding. Phase 1 dose escalation is complete, establishing safety and proof of mechanism. Coherus plans to: Report Phase 1 monotherapy biopsy data as well as CHS-114/toripalimab combination safety data in head and neck squamous cell carcinoma in 1H 2025; Initiate a Phase 1b CHS-114/toripalimab combination dose optimization study in 2L head and neck squamous cell carcinoma in Q1 2025 with a first data readout expected in Q2 2026; and Initiate a Phase 1b CHS-114/toripalimab combination dose optimization study in 2L gastric cancer in Q1 2025 with a first data readout expected in Q2 2026.

Baird analyst Colleen Kusy lowered the firm's price target on Coherus Biosciences to $4 from $8 and keeps an Outperform rating on the shares. The firm said Coherus reported 3Q24 results, including higher-than-expected Udenyca revenue despite a temporary supply chain disruption, Loqtorzi sales in line with consensus, and updates for their main clinical assets, casdozo and CHS-114.