Here's Why Coherus Biosciences Rose as Much as 22.2% Today

Here's Why Coherus Biosciences Rose as Much as 22.2% Today

Shares of generic biologics developer Coherus Biosciences (NASDAQ: CHRS) rose over 22% today after the the company announced second-quarter 2017 financial results and the filing of a petition to invalidate certain Amgen (NASDAQ: AMGN) patents pertaining to the manufacture of Enbrel. If the United States Patent and Trademark Office rules in favor of the biosimilar company, it could open up a sizable revenue stream.  

Coherus Biosciences isn't stopping at Enbrel, though. The company had a busy second quarter and, judging by its guidance, expects to keep busy through the first half of 2018 by taking aim at other high-profile blockbuster biologics on the market. As of 11:05 a.m. EDT, the stock had settled to a 16.3% gain.

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Source: Fool.com