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Coherus Biosciences
(NASDAQ:CHRS)
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Rating:44Neutral
Price Target:
$1.00
▼(-27.08% Downside)
Action:Reiterated
Date:10/07/26
CHRS scores low primarily due to heavy ongoing losses and substantial cash burn, which raise financing and execution risk. Technicals also indicate a persistent downtrend despite oversold signals. Offsetting factors include improved leverage and a more constructive operational outlook from the earnings call (LOQTORZI growth and cost reductions), plus financing actions that modestly strengthen flexibility.
Positive Factors
LOQTORZI Commercial Growth
LOQTORZI is showing measurable commercial traction, supported by higher sales, new patient starts, and improving treatment duration. Continued quarterly growth would provide a more durable revenue base, strengthen the oncology franchise, and improve operating leverage as adoption expands.
Negative Factors
Severe Cash Burn
Large negative operating and free cash flow show that the business is not currently self-funding. Continued cash consumption can require additional financing, cost reductions, or stronger commercial performance, increasing execution and dilution risk over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
LOQTORZI Commercial Growth
LOQTORZI is showing measurable commercial traction, supported by higher sales, new patient starts, and improving treatment duration. Continued quarterly growth would provide a more durable revenue base, strengthen the oncology franchise, and improve operating leverage as adoption expands.
Read all positive factors
Coherus Biosciences (CHRS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$165.32M
Dividend YieldN/A
Average Volume (3M)1.36M
Price to Earnings (P/E)―
Beta (1Y)1.22
Revenue Growth-64.32%
EPS Growth25.83%
CountryUS
Employees144
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.02
Shares Outstanding154,500,960
10 Day Avg. Volume1,601,422
30 Day Avg. Volume1,363,814
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)2.80
Price to Sales (P/S)4.05
P/FCF Ratio-1.23
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue3.25
Enterprise Value/Gross Profit5.12
Enterprise Value/Ebitda-1.12
Forecast
1Y Price Target
$7.75Price Target Upside465.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.86
Revenue Forecast (FY)$60.72M
Coherus Biosciences Business Overview & Revenue Model
Company Description
Coherus Oncology, Inc. is a biopharmaceutical company primarily focused on the research, development, and commercialization of cancer immunotherapies across the United States. The company's commercialized products include several biosimilar therap...
How the Company Makes Money
Coherus makes money primarily by selling its commercialized prescription biologic products in the United States. Its core revenue stream is net product revenue generated from the sale of its FDA-approved biosimilar products (and any other marketed...
Coherus Biosciences Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call conveys meaningful progress across clinical and commercial fronts: robust enrollment across multiple studies, encouraging early TAGMO signals with biomarker directionality, solid commercial momentum for LOQTORZI (+15% QoQ sales) and sustained cost/liability reductions. Offsetting risks include a sizable quarter-over-quarter cash decline (~ -36.9%), an unachieved $37.5M milestone in Q2, immature clinical datasets that could change post-data cleaning, and ongoing commercial adoption/dosing frictions. On balance, the highlights (pipeline enrollment, early efficacy signals, revenue growth, expense reductions and liability improvements) outweigh the lowlights, though near-term execution and data maturation remain critical.Positive Updates
Clinical Enrollment Milestones
Multiple programs have completed full enrollment: CADILYZE (Casdozokitug) first-line HCC (72 patients fully enrolled) and TAGMO cohorts in head and neck squamous cell carcinoma and colorectal cancer have completed enrollment. Additional TAGMO cohorts in upper GI and esophageal SCC nearing accrual/completing enrollment. A new TAGMO combination cohort with pasritamig is on track to initiate in the fall.
Negative Updates
Quarterly Cash Decline
Total cash, cash equivalents and investments declined from $167.0M at Q1 to $105.3M at Q2 (≈ -36.9%). Management attributed about $39M of the decrease to TSA obligations, but the cash reduction increases sensitivity to upcoming milestones and operating needs.
Read all updates
Q2-2026 Updates
Positive
Negative
Clinical Enrollment Milestones
Multiple programs have completed full enrollment: CADILYZE (Casdozokitug) first-line HCC (72 patients fully enrolled) and TAGMO cohorts in head and neck squamous cell carcinoma and colorectal cancer have completed enrollment. Additional TAGMO cohorts in upper GI and esophageal SCC nearing accrual/completing enrollment. A new TAGMO combination cohort with pasritamig is on track to initiate in the fall.
Read all positive updates
Company Guidance
Management reiterated full‑year 2026 operating expense guidance of $170–$175 million and expects LOQTORZI revenue of $57–62 million for 2026, with average quarterly LOQTORZI growth of 10–15% (Q2 LOQTORZI net sales were $13.6M, +15% QoQ) and targets of a $15M quarter in 2026, a $30M quarter in 2027 and a peak‑market‑share quarter by 2028. Q2 R&D from continuing operations was $21.4M (down from $26.3M YoY) and SG&A was $21.0M (down from $26.0M YoY), marking six consecutive quarters of declining SG&A; these cost improvements follow the divestiture that reduced secured and convertible debt by >90%. Cash, cash equivalents and investments were $105.3M at quarter end (vs. $167M at Q1), a ~$61.7M decline of which roughly $39M was attributable to TSA obligations; accrued rebates/reserves fell from $28.8M to $14.9M and TSA payables/accrued liabilities from $61.6M to $22.7M. Management reiterated they believe they are sufficiently funded through key data readouts in 2026–2027; the $37.5M earn‑out milestone from the UDENYCA sale was not achieved in Q2 but remains eligible heading into Q3.Coherus Biosciences Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
41
Neutral
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 50.94M | 42.17M | 266.96M | 257.24M | 211.04M | 326.55M |
| Gross Profit | 32.37M | 24.43M | 149.41M | 98.25M | 140.96M | 268.96M |
| EBITDA | -148.46M | -170.20M | 60.94M | -193.94M | -255.58M | -260.69M |
| Net Income | -130.96M | -170.29M | 28.51M | -237.89M | -291.75M | -287.10M |
Balance Sheet | ||||||
| Total Assets | 191.18M | 258.34M | 448.53M | 629.60M | 480.85M | 679.33M |
| Cash, Cash Equivalents and Short-Term Investments | 105.31M | 172.13M | 125.99M | 117.75M | 191.68M | 417.19M |
| Total Debt | 37.71M | 40.34M | 269.90M | 480.84M | 480.42M | 419.02M |
| Total Liabilities | 130.34M | 197.33M | 580.52M | 823.03M | 618.26M | 581.61M |
| Stockholders Equity | 60.84M | 61.01M | -131.99M | -193.43M | -137.42M | 97.73M |
Cash Flow | ||||||
| Free Cash Flow | -243.92M | -138.51M | -20.44M | -175.17M | -243.16M | -38.72M |
| Operating Cash Flow | -243.92M | -138.51M | -20.44M | -174.88M | -241.12M | -37.43M |
| Investing Cash Flow | 20.88M | 375.09M | 230.32M | 144.64M | -166.85M | -138.41M |
| Financing Cash Flow | 115.41M | -273.70M | -186.97M | 69.60M | 54.33M | 51.88M |
Coherus Biosciences Technical Analysis
Negative
1.37
Price Trends
1.27
Negative
1.38
Negative
1.56
Negative
Market Momentum
-0.08
Positive
35.98
Neutral
32.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CHRS, the sentiment is Negative. The current price of 1.37 is above the 20-day moving average (MA) of 1.18, above the 50-day MA of 1.27, and below the 200-day MA of 1.56, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 35.98 is Neutral, neither overbought nor oversold. The STOCH value of 32.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CHRS.
Coherus Biosciences Risk Analysis
Coherus Biosciences disclosed 68 risk factors in its most recent earnings report. Coherus Biosciences reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Coherus Biosciences Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $223.99M | 11.54 | 31.61% | ― | 30.14% | 181.54% | |
54 Neutral | $2.35B | -55.13 | -35.91% | ― | ― | 35.38% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $163.07M | -2.55 | 152.56% | ― | -24.21% | 1.17% | |
44 Neutral | $165.32M | -1.05 | -181.73% | ― | -64.32% | 25.83% | |
42 Neutral | $26.94M | -1.14 | -60.32% | ― | ― | 71.26% |
* Healthcare Sector Average
CHRS
Coherus Biosciences
1.03
-0.70
-40.46%
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11.93
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496.50%
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2.78
0.33
13.47%
MCRB
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2.68
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IPHA
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1.48
-0.50
-25.25%
Coherus Biosciences Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Coherus Biosciences Launches $50 Million ATM Equity Program
Neutral
Aug 28, 2026
On August 28, 2026, Coherus Oncology, Inc. entered into a sales agreement with Leerink Partners LLC to sell up to $50 million of its common stock in an at-the-market offering under an existing shelf registration declared effective by the U.S. Secu...
Business Operations and StrategyPrivate Placements and Financing
Coherus Biosciences Secures New Term Loan, Refinances Debt
Positive
Aug 17, 2026
On August 12, 2026, Coherus Oncology, Inc. and certain subsidiaries entered into a new Loan and Security Agreement with Innovatus Life Sciences Lending Fund I, LP and other lenders for a senior secured term loan facility, initially providing a $55...
Business Operations and StrategyDividends
Coherus Biosciences Issues Contingent Value Rights Dividend
Positive
Aug 17, 2026
On August 17, 2026, Coherus Oncology declared a special dividend of contingent value rights to shareholders of record as of September 30, 2026, with distribution set for October 7, 2026. Each right entitles holders to a pro rata share of any net c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.