Coherus BioSciences, Inc. (CHRS) Upgraded to Buy at Zacks Investment Research
Coherus BioSciences, Inc. (NASDAQ:CHRS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $14.00 target price on the biotechnology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 19.15% from the stock’s previous close.
According to Zacks, “Coherus Biosciences, Inc. is a biologics platform company developing biosimilar therapeutics. Its clinical stage pipeline consists of CHS-0214 in two Phase III clinical trials for the treatment of rheumatoid arthritis and psoriasis; CHS-1420 that has completed a Phase I study to treat psoriasis or rheumatoid arthritis; and CHS-1701 which has completed a Phase I study for the treatment of breast cancer patients. Coherus Biosciences, Inc. is headquartered in Redwood City, California. “
A number of other equities research analysts have also recently weighed in on CHRS. J P Morgan Chase & Co restated an “overweight” rating and set a $25.00 price objective (down from $32.00) on shares of Coherus BioSciences in a research note on Tuesday, August 8th. BidaskClub cut Coherus BioSciences from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. Robert W. Baird decreased their price target on Coherus BioSciences from $40.00 to $37.00 and set an “outperform” rating for the company in a research note on Tuesday, June 13th. Credit Suisse Group AG reiterated a “buy” rating and issued a $38.00 price target on shares of Coherus BioSciences in a research note on Friday, April 21st. Finally, Cowen and Company reiterated an “outperform” rating and issued a $45.00 price target on shares of Coherus BioSciences in a research note on Tuesday, June 13th. Two analysts have rated the stock with a sell rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $34.70.
Coherus BioSciences (NASDAQ:CHRS) traded down 3.69% during midday trading on Tuesday, reaching $11.75. The company had a trading volume of 392,822 shares. Coherus BioSciences has a 1-year low of $10.80 and a 1-year high of $31.98. The company’s market capitalization is $603.32 million. The firm has a 50-day moving average of $13.39 and a 200 day moving average of $19.26.
Coherus BioSciences (NASDAQ:CHRS) last issued its quarterly earnings data on Monday, August 7th. The biotechnology company reported ($1.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.29) by $0.21. The firm had revenue of $1.40 million during the quarter. Coherus BioSciences had a negative return on equity of 307.41% and a negative net margin of 73.89%. On average, equities research analysts forecast that Coherus BioSciences will post ($5.13) EPS for the current year.
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In other Coherus BioSciences news, insider Alan C. Herman sold 17,535 shares of the stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $15.02, for a total value of $263,375.70. Following the completion of the sale, the insider now directly owns 49,651 shares in the company, valued at $745,758.02. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 32.88% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC raised its position in shares of Coherus BioSciences by 0.4% in the second quarter. Jennison Associates LLC now owns 18,200 shares of the biotechnology company’s stock worth $261,000 after buying an additional 69 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Coherus BioSciences by 0.9% in the second quarter. Wells Fargo & Company MN now owns 29,116 shares of the biotechnology company’s stock worth $418,000 after buying an additional 253 shares in the last quarter. Nationwide Fund Advisors raised its position in shares of Coherus BioSciences by 1.3% in the first quarter. Nationwide Fund Advisors now owns 33,982 shares of the biotechnology company’s stock worth $719,000 after buying an additional 421 shares in the last quarter. Legal & General Group Plc raised its position in shares of Coherus BioSciences by 12.6% in the second quarter. Legal & General Group Plc now owns 9,341 shares of the biotechnology company’s stock worth $134,000 after buying an additional 1,046 shares in the last quarter. Finally, Pictet Asset Management Ltd. raised its position in shares of Coherus BioSciences by 0.3% in the first quarter. Pictet Asset Management Ltd. now owns 441,788 shares of the biotechnology company’s stock worth $9,344,000 after buying an additional 1,432 shares in the last quarter. 72.41% of the stock is currently owned by institutional investors and hedge funds.
Coherus BioSciences Company Profile
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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