Coherus Biosciences Inc (CHRS)

Shares of Coherus BioSciences (CHRS) dropped by 30.23% from $3.54 to $2.47 in the trading on Tuesday, November 7, 2023. The reason why CHRS down is due to the company's mixed third-quarter financial results and lowered full-year guidance:

• Q3 Results: Coherus reported quarterly revenue of $74.6 million, indicating a 27% year-over-year growth. However, the company also posted an adjusted (non-GAAP) net loss of $26.9 million, equivalent to $0.27 per share. This net loss was wider than analyst expectations, as they had anticipated a narrower loss of $0.20 per share on revenue of $82 million.
• Guidance Update: Coherus lowered its 2023 net product revenue outlook to $250 million to $260 million from at least $275 million previously. The company also reduced its combined research and development, and sales, general, and administrative expenses guidance for 2023 to $300 million to $310 million from $315 million to $335 million. Delays in the commercial launches for Udenyca OnBody and Loqtorzi were cited as primary reasons for the revised guidance.

Coherus BioSciences, Inc. (CHRS) fell 9.19%. The company announced the FDA issued a complete response letter for UDENYCA ONBODY biologics license application solely due to an ongoing review of inspection findings at a third-party filler.

https://www.benzinga.com/news/23/09/34873722/why-brainstorm-cell-therapeutics-shares-are-trading-lower-by-33-here-are-other-stocks-moving-in-mond