Coherus BioSciences is progressing with its Phase 1 clinical study of CHS-114, a selective anti-CCR8 antibody, presented at the 2025 American Association for Cancer Research Annual Meeting. The ongoing trial examines CHS-114 as a standalone treatment and in combination with toripalimab for patients with recurrent or metastatic head and neck squamous cell carcinoma (HNSCC).
Key findings from the study reveal promising outcomes, including a confirmed partial response in a heavily pretreated PD-1 refractory patient, significant CCR8+ Treg depletion, and increased CD8+ T cells, suggesting potent anti-tumor activity. The treatment's safety profile aligns with known disease characteristics and pre-existing data for toripalimab.
CHS-114 is an afucosylated monoclonal antibody targeting CCR8, designed to selectively target human CCR8 with no off-target effects. It effectively reduces CCR8+ Tregs within the tumor microenvironment while preserving CD8+ effector T cells elsewhere. These results warrant continued research, especially in combination therapies involving toripalimab and other agents.
As the study progresses, Coherus (CHRS, Financial) aims to finalize dose optimization and meet regulatory demands. A second-line dose optimization study is underway for HNSCC and gastric cancer, with results expected in the first half of 2026.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 4 analysts, the average target price for Coherus BioSciences Inc (CHRS, Financial) is $5.38 with a high estimate of $7.00 and a low estimate of $1.50. The average target implies an upside of 419.32% from the current price of $1.04. More detailed estimate data can be found on the Coherus BioSciences Inc (CHRS) Forecast page.
Based on the consensus recommendation from 6 brokerage firms, Coherus BioSciences Inc's (CHRS, Financial) average brokerage recommendation is currently 2.2, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Coherus BioSciences Inc (CHRS, Financial) in one year is $1.61, suggesting a upside of 55.56% from the current price of $1.035. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Coherus BioSciences Inc (CHRS) Summary page.
CHRS Key Business Developments
Release Date: March 10, 2025
- Eugenica Product Sales (Q4 2024): $46.3 million, a 28% increase from $36.2 million in Q4 2023.
- Eugenica Product Sales (FY 2024): $206 million, a 62% increase from $127.1 million in FY 2023.
- Lot Torzi Net Revenue (Q4 2024): $7.5 million, a 29% increase quarter over quarter.
- Lot Torzi Net Revenue (FY 2024): $19.1 million.
- Cost of Goods Sold (FY 2024): $118 million, down from $159 million in 2023.
- Research and Development Expense (FY 2024): $93.3 million, a 15% decrease from $109.4 million in 2023.
- SG&A Expenses (FY 2024): $167.7 million, a 13% decrease from $192 million in 2023.
- Interest Expense (FY 2024): $27.2 million, a 33% decrease from $40.5 million in 2023.
- Cash and Cash Equivalents (End of 2024): $126 million.
- Projected Cash Post-Divestiture: $250 million on the balance sheet.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Coherus BioSciences Inc (CHRS, Financial) successfully executed its four-part strategy in 2024, including driving top-line revenues, controlling expenses, advancing the innovative pipeline, and addressing debt overhang.
- The company is well-positioned for 2025 with a strategic transition to a fully integrated commercial stage innovative oncology company.
- The divestiture of the eugenica franchise is on track, with substantial progress made and expected completion in late Q1 or Q2.
- Coherus BioSciences Inc (CHRS) has secured a promising pipeline of oncology candidates, including a first-in-class anti-IL27 agent and a highly selective cytolytic CCRA antibody.
- The company ended the year with $126 million in cash and expects to have $250 million on the balance sheet post-transaction, providing a strong financial position for future development efforts.
Negative Points
- Coherus BioSciences Inc (CHRS) is not satisfied with its current stock price and aims to enhance investor appreciation and understanding of its value proposition.
- The divestiture of the eugenica franchise still requires FDA authorization to sell final packaged products from a new contract manufacturing organization.
- The company experienced a temporary supply interruption of Eugenica, impacting Q4 revenue trends.
- There is ongoing off-label use of Keytruda in the market, which Coherus BioSciences Inc (CHRS) aims to overcome through increased awareness and education.
- The company anticipates a 30% headcount reduction post-divestiture, which may impact operations and require careful management.
