Maxim analyst Jason McCarthy downgraded Coherus Biosciences to Hold from Buy. The stock fell 30% after the company’s Q3 revenue miss and the reported slow start for its Humira biosimilar Yusimry, raising questions about the timeline to profitability, the analyst tells investors in a research note. Toripalimab and OnBody should launch in 2024, and potentially provide some tailwinds, but Yusimry is also going to need to be a key component for growth in the biosimilars business, and given headwinds around brand Humira remaining on formulary, this potentially becomes “a 2025 event”, the firm added.
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