Coherus BioSciences, Inc. (NASDAQ:CHRS) shares are trading higher Monday after the company announced the FDA-approval of Loqtorzi in all lines of treatment for recurrent or metastatic nasopharyngeal carcinoma on Friday. 

The Details:

On Friday, Coherus announced the FDA-approval of Loqtorzi making it the first and only FDA-apporved treatment for nasopharyngeal carcinoma.

"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," said Denny Lanfear, CEO of Coherus. 

Shares of CHRS are moving on heavy trading volume Monday. According to data from Benzinga Pro, more than 13.7 million shares have already been traded in the session, compared to the stock's 100-day average of 2.853 million shares.

Coherus BioSciences' shares have attracted the attention of retail investors and short-sellers alike. CHRS is one of the top trending tickers on Yahoo Finance, and 16.52% of available shares are being sold short, according to data from Benzinga Pro. 

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CHRS Price Action: According to Benzinga Pro, shares are 17% at $3.10 at the time of publication.

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