Re: CHRS /AMGN’s new Enbrel injector
That explanation for yesterday’s CHRS selloff makes sense directionally insofar as CHRS is developing an Enbrel FoB, and AMGN’s new injector may partially protect branded Enbrel sales in the US market even if AMGN’s CoM patent (which runs until 2028) is invalidated.
Still, the magnitude of yesterday’s CHRS selloff seems like an overreaction considering that CHRS’ lead program is its FoB for Neulasta (not Enbrel). CHRS’ Neulasta FoB faces a similar kind of competitive headwind due to AMGN’s recent launch of the Neulasta OnPro injector, but this impediment was already baked into CHRS’ valuation and can’t explain yesterday’s move.
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”