Why AbbVie and Amgen Are Moving Lower Today
Shares of the immunology juggernaut AbbVie (NYSE: ABBV) were down by 4% on sky-high volume as of 11 a.m. ET Thursday. That's equivalent to a $7 billion drop in market capitalization.
What's spooking investors this morning? The big loss came after Coherus Biosciences announced a partnership with billionaire Mark Cuban's pharmaceuticals start-up -- known as the Mark Cuban Cost Plus Drug Company -- to sell a biosimilar (a generic biologic) version of AbbVie's flagship anti-inflammatory medication, Humira, at an 85% discount.
Coherus' biosimilar will be branded as Yusimry. The small-cap pharma company plans on launching the low-priced Humira knock-off in July, according to the press release.
Source Fool.com
Coherus Bioscien. Stock
€1.70
-1.420%
With 2 Buy predictions and 2 Sell predictions the community is currently undecided on Coherus Bioscien..
With a target price of 3 € there is a hugely positive potential of 76.26% for Coherus Bioscien. compared to the current price of 1.7 €.
