Standpoint Research Begins Coverage on Coherus BioSciences Inc. (CHRS)
Research analysts at Standpoint Research began coverage on shares of Coherus BioSciences Inc. (NASDAQ:CHRS) in a research report issued to clients and investors on Friday. The brokerage set a “buy” rating on the stock.
CHRS has been the topic of several other research reports. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $38.00 target price on shares of Coherus BioSciences in a report on Wednesday, September 28th. Barclays PLC reissued an “overweight” rating and set a $46.00 price objective on shares of Coherus BioSciences in a report on Tuesday, October 4th. Zacks Investment Research raised shares of Coherus BioSciences from a “sell” rating to a “hold” rating in a report on Wednesday, October 26th. Robert W. Baird began coverage on shares of Coherus BioSciences in a report on Tuesday, October 18th. They set an “outperform” rating and a $40.00 price objective on the stock. Finally, Maxim Group began coverage on shares of Coherus BioSciences in a report on Wednesday, September 7th. They set a “buy” rating and a $43.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Coherus BioSciences currently has an average rating of “Buy” and a consensus target price of $37.00.
Coherus BioSciences (NASDAQ:CHRS) traded down 0.270% during mid-day trading on Friday, hitting $28.024. 82,446 shares of the company were exchanged. The stock’s market cap is $1.22 billion. Coherus BioSciences has a 12-month low of $12.04 and a 12-month high of $31.98. The company has a 50 day moving average of $28.18 and a 200 day moving average of $24.75.
Coherus BioSciences (NASDAQ:CHRS) last posted its earnings results on Wednesday, November 9th. The company reported $1.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.56) by $3.23. Coherus BioSciences had a negative net margin of 52.04% and a negative return on equity of 1,583.92%. The business had revenue of $162.80 million for the quarter, compared to analyst estimates of $7.20 million. During the same quarter in the prior year, the firm earned ($1.86) EPS. On average, equities research analysts expect that Coherus BioSciences will post ($2.81) earnings per share for the current fiscal year.
In related news, insider Dennis M. Lanfear sold 2,900 shares of the stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $31.79, for a total value of $92,191.00. Following the sale, the insider now directly owns 71,635 shares in the company, valued at approximately $2,277,276.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jean-Frederic Viret sold 3,900 shares of the stock in a transaction that occurred on Friday, October 21st. The shares were sold at an average price of $30.62, for a total transaction of $119,418.00. Following the completion of the sale, the chief financial officer now owns 6,225 shares in the company, valued at $190,609.50. The disclosure for this sale can be found here. Company insiders own 32.88% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Oxford Asset Management purchased a new stake in shares of Coherus BioSciences during the second quarter worth $729,000. Columbus Circle Investors increased its stake in shares of Coherus BioSciences by 70.3% in the second quarter. Columbus Circle Investors now owns 373,249 shares of the company’s stock worth $6,304,000 after buying an additional 154,086 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Coherus BioSciences during the second quarter worth $228,000. State Board of Administration of Florida Retirement System purchased a new stake in shares of Coherus BioSciences during the second quarter worth $241,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Coherus BioSciences by 36.2% in the second quarter. Bank of New York Mellon Corp now owns 137,857 shares of the company’s stock worth $2,328,000 after buying an additional 36,650 shares in the last quarter. Institutional investors and hedge funds own 57.55% of the company’s stock.
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Coherus BioSciences Company Profile
Coherus BioSciences, Inc is a late-stage clinical biologics platform company. The Company is focused on the global biosimilar market. The Company operates through developing and commercializing biosimilar products segment. Its business is organized around therapeutic franchises, including Oncology biosimilar candidates pegfilgrastim (Neulasta), in late clinical-stage, and bevacizumab (Avastin), in preclinical-stage; Immunology (Anti-TNF) biosimilar candidates, etanercept (Enbrel) and adalimumab (Humira), which are both in late clinical-stage; Ophthalmology biosimilar candidate ranibizumab (Lucentis) in preclinical stage, and Multiple sclerosis small molecule therapeutic candidate, CHS-131 (formerly INT-131), in Phase II proof-of-concept trial.
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