Coherus BioSciences, Inc. (NASDAQ: CHRS) shares are experiencing an upward surge following the recent FDA approval of Loqtorzi for the treatment of recurrent or metastatic nasopharyngeal carcinoma. This groundbreaking approval positions Coherus as an innovative oncology company, with Loqtorzi being the first and only FDA-approved treatment for this condition.
Loqtorzi: A Game-Changing Treatment for Nasopharyngeal Carcinoma
The FDA’s approval of Loqtorzi has been hailed as a pivotal event for Coherus BioSciences and the overall field of oncology. As a next-generation PD-1 inhibitor, Loqtorzi plays a significant role in Coherus’ immune-oncology (I-O) strategy to extend cancer patient survival. The impressive results seen in nasopharyngeal carcinoma patients validate the potential of Loqtorzi as a groundbreaking treatment option.
Denny Lanfear, the CEO of Coherus BioSciences, expressed enthusiasm about the FDA approval, stating, “Loqtorzi’s first approval is a pivotal event for Coherus as an innovative oncology company. As a next-generation PD-1 inhibitor, it is the keystone of our I-O strategy to extend cancer patient survival, as shown with the impressive results in NPC.”
Trading Volume Surges Following FDA Approval
News of the FDA approval has triggered a surge in trading volume for Coherus BioSciences shares. During the current session, over 13.7 million shares have already been traded, far surpassing the stock’s 100-day average of 2.853 million shares. This increase in trading volume highlights the market’s recognition of the significance of Loqtorzi’s approval and its potential impact on Coherus BioSciences’ position in the healthcare industry.
Retail Investors and Short-Sellers Take Notice
Both retail investors and short-sellers have taken notice of Coherus BioSciences’ shares. CHRS currently ranks among the top trending tickers on Yahoo Finance, indicating the growing interest from individual investors. Moreover, data from Benzinga Pro reveals that approximately 16.52% of available shares are being sold short. The attention from retail investors and short-sellers further underscores the market’s anticipation of Coherus BioSciences’ future prospects and the impact of Loqtorzi’s FDA approval on its stock.
CHRS Price Action
At the time of publication, Coherus BioSciences’ shares are trading at $3.10, marking a 17% increase. This surge in stock price reflects the positive market sentiment surrounding the FDA approval of Loqtorzi and the anticipated growth potential for Coherus BioSciences as a result.
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