Coherus BioSciences, Inc. (NASDAQ:CHRS) Stock Price Up 8.9% Following Earnings Beat
Coherus BioSciences, Inc. (NASDAQ:CHRS)’s share price rose 8.9% during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $15.15 and last traded at $13.50, with a volume of 2,027,673 shares trading hands. The stock had previously closed at $12.40.
The biotechnology company reported ($1.08) EPS for the quarter, topping analysts’ consensus estimates of ($1.29) by $0.21. Coherus BioSciences had a negative net margin of 73.89% and a negative return on equity of 286.12%. The firm had revenue of $1.40 million during the quarter.
CHRS has been the subject of a number of recent analyst reports. Credit Suisse Group reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Coherus BioSciences in a research note on Friday, April 21st. BMO Capital Markets initiated coverage on shares of Coherus BioSciences in a research note on Friday, May 5th. They issued an “outperform” rating and a $54.00 price objective for the company. Maxim Group set a $43.00 price objective on shares of Coherus BioSciences and gave the stock a “buy” rating in a research note on Monday, May 15th. ValuEngine upgraded shares of Coherus BioSciences from a “strong sell” rating to a “sell” rating in a research report on Friday, June 2nd. Finally, Cowen and Company reiterated an “outperform” rating and issued a $45.00 target price on shares of Coherus BioSciences in a research report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. Coherus BioSciences currently has a consensus rating of “Buy” and an average target price of $35.90.
Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its stake in Coherus BioSciences by 32.7% in the second quarter. SG Americas Securities LLC now owns 7,244 shares of the biotechnology company’s stock worth $104,000 after buying an additional 1,785 shares during the last quarter. Legal & General Group Plc increased its stake in 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 during the last quarter. Boston Advisors LLC bought a new stake in Coherus BioSciences during the second quarter worth about $244,000. BlueCrest Capital Management Ltd bought a new stake in Coherus BioSciences during the first quarter worth about $246,000. Finally, Jennison Associates LLC increased its stake in 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 during the last quarter. Institutional investors own 72.07% of the company’s stock.
The company’s market capitalization is $646.23 million. The stock has a 50 day moving average price of $14.04 and a 200-day moving average price of $20.08.
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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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