Coherus Biosciences Falls 30% After FDA Response Letter

Coherus Biosciences Inc CHRS shares are trading lower by $6.50 (30 percent) at $14.15 percent in Monday's session.

The Street isn't acting favorably to the FDA's Complete Response Letter for its application for its CHS-1701. In the letter, the FDA has requested additional information in which the company has pledged to provide.

After a much lower open, Coherus immediately bottomed at $14.05 and managed a brief rally to $14.98. That low coincides with its early July 2016 low at $14.00. It has been unable to sustain that rally and is drifting back towards the lows for the session.