Maxim Group Trims Coherus BioSciences, Inc. (CHRS) Target Price to $40.00
Coherus BioSciences, Inc. (NASDAQ:CHRS) had its price target cut by investment analysts at Maxim Group from $44.00 to $40.00 in a report issued on Monday. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Maxim Group’s price objective indicates a potential upside of 153.97% from the stock’s current price.
The analysts wrote, “Coherus announced that the company received a CRL (Complete Response Letter) regarding its BLA for CHS-1701 (Neulasta).””
Other equities analysts have also recently issued reports about the stock. Barclays PLC restated an “overweight” rating and issued a $46.00 price target on shares of Coherus BioSciences in a research report on Sunday, May 21st. ValuEngine upgraded shares of Coherus BioSciences from a “strong sell” rating to a “sell” rating in a research report on Friday, June 2nd. Citigroup Inc. set a $38.00 price target on shares of Coherus BioSciences and gave the company a “buy” rating in a research report on Wednesday, May 17th. BMO Capital Markets restated an “outperform” rating and issued a $54.00 price target on shares of Coherus BioSciences in a research report on Monday, May 15th. Finally, Zacks Investment Research cut shares of Coherus BioSciences from a “buy” rating to a “hold” rating in a research report on Thursday, February 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $40.25.
Coherus BioSciences (CHRS) opened at 15.725 on Monday. Coherus BioSciences has a 52-week low of $14.00 and a 52-week high of $31.98. The firm’s market cap is $806.50 million. The company has a 50-day moving average of $20.82 and a 200 day moving average of $23.68.
Coherus BioSciences (NASDAQ:CHRS) last released its quarterly earnings data on Monday, May 8th. The biotechnology company reported ($1.54) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($1.54). The business had revenue of $0.16 million during the quarter. Coherus BioSciences had a negative net margin of 76.85% and a negative return on equity of 827.65%. On average, equities research analysts anticipate that Coherus BioSciences will post ($5.13) EPS for the current year.
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In other news, insider Alan C. Herman sold 11,333 shares of the company’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $20.73, for a total value of $234,933.09. Following the sale, the insider now directly owns 90,452 shares of the company’s stock, valued at approximately $1,875,069.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 32.88% of the company’s stock.
Several large investors have recently bought and sold shares of CHRS. UBS Asset Management Americas Inc. raised its stake in Coherus BioSciences by 2,562.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 501,673 shares of the biotechnology company’s stock worth $14,121,000 after buying an additional 482,828 shares in the last quarter. Allianz Asset Management AG raised its stake in Coherus BioSciences by 14.3% in the fourth quarter. Allianz Asset Management AG now owns 162,605 shares of the biotechnology company’s stock worth $4,577,000 after buying an additional 20,300 shares in the last quarter. Trexquant Investment LP purchased a new stake in Coherus BioSciences during the first quarter worth approximately $319,000. Monashee Investment Management LLC purchased a new stake in Coherus BioSciences during the first quarter worth approximately $405,000. Finally, State Street Corp raised its stake in Coherus BioSciences by 18.6% in the fourth quarter. State Street Corp now owns 950,475 shares of the biotechnology company’s stock worth $26,754,000 after buying an additional 148,768 shares in the last quarter. 73.94% of the stock is currently owned by institutional investors.
About Coherus BioSciences
Coherus BioSciences, Inc is a late-stage clinical biologics platform company. The Company is engaged in the business of developing and commercializing biosimilar products. The Company’s business is organized around therapeutic franchises, including Oncology biosimilar candidates pegfilgrastim (Neulasta) and bevacizumab (Avastin); Immunology (Anti-TNF) biosimilar candidates etanercept (Enbrel) and adalimumab (Humira); Ophthalmology biosimilar candidate ranibizumab (Lucentis), and Multiple sclerosis small molecule therapeutic candidate, CHS-131.
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