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.
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