Why Coherus BioSciences Stock Is Climbing Today

Coherus BioSciences, Inc. CHRS shares are trading higher Wednesday after the company announced the FDA approval of its pegfilgrastim delivery device, Udenyca Onbody.

The Details:

Coherus BioSciences announced the approval of its Udenyca Onbody delivery device after the market close on Tuesday.

"The on-body injector for Udenyca is the result of years of significant investment in research and development to bring forward a novel and proprietary device that provides patients with an automatic delivery option for their medication," said Denny Lanfear, CEO of Coherus.

"Cancer patients and their physicians will now be able to choose the Udenyca administration presentation that best fits their individual needs: a prefilled syringe, our autoinjector, or this on-body injector."

According to data from Benzinga Pro, 23.1% of available Coherus shares are currently being sold short which may prime the stock for larger moves when a catalyst such as the FDA approval is announced.

Related News: What's Going On With Bitcoin Miner Bitdeer Technologies Stock?

CHRS Price Action: According to Benzinga Pro, Coherus BioSciences shares were up 23% at $2.68 at the time of publication.

Image: Pete Linforth from Pixabay