Coherus BioSciences, Inc. (CHRS) Receives “Buy” Rating from Maxim Group
Maxim Group reissued their buy rating on shares of Coherus BioSciences, Inc. (NASDAQ:CHRS) in a report published on Friday morning. The firm currently has a $20.00 price objective on the biotechnology company’s stock, down from their prior price objective of $40.00.
“The challenge for biosimilar makers of humira is not similar efficacy, it’s winning the IP battle with AbbVie. Coherus, in our view, was ideally positioned to win the biosimilar race as it was founded with a focus on IP.”,” the firm’s analyst commented.
CHRS has been the subject of a number of other reports. Zacks Investment Research raised shares of Coherus BioSciences from a hold rating to a buy rating and set a $14.00 price objective for the company in a research note on Tuesday, August 15th. BMO Capital Markets reissued an outperform rating and set a $54.00 price objective on shares of Coherus BioSciences in a research note on Monday, May 15th. ValuEngine raised shares of Coherus BioSciences from a strong sell rating to a sell rating in a research note on Friday, June 2nd. Cowen and Company reissued an outperform rating and set a $45.00 price objective on shares of Coherus BioSciences in a research note on Tuesday, June 13th. Finally, Citigroup Inc. set a $38.00 price objective on shares of Coherus BioSciences and gave the stock a buy rating in a research note on Wednesday, May 17th. Two analysts have rated the stock with a sell rating and ten have given a buy rating to the company’s stock. Coherus BioSciences currently has a consensus rating of Buy and a consensus price target of $32.70.
Shares of Coherus BioSciences (NASDAQ CHRS) opened at 12.30 on Friday. Coherus BioSciences has a 52-week low of $10.80 and a 52-week high of $31.98. The stock has a 50 day moving average price of $13.15 and a 200-day moving average price of $17.85. The stock’s market capitalization is $631.56 million.
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 the Zacks’ consensus estimate of ($1.29) by $0.21. Coherus BioSciences had a negative net margin of 73.89% and a negative return on equity of 307.41%. The business had revenue of $1.40 million during the quarter. On average, equities research analysts predict that Coherus BioSciences will post ($5.13) EPS for the current fiscal year.
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In other Coherus BioSciences news, insider Alan C. Herman sold 17,535 shares of Coherus BioSciences stock in a transaction that occurred on Tuesday, August 8th. The shares were 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 of the company’s stock, valued at approximately $745,758.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 26.28% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in CHRS. Nationwide Fund Advisors grew its stake in Coherus BioSciences by 1.3% in the 1st quarter. Nationwide Fund Advisors now owns 33,982 shares of the biotechnology company’s stock worth $719,000 after acquiring an additional 421 shares during the period. Wells Fargo & Company MN grew its stake in Coherus BioSciences by 27.6% in the 1st quarter. Wells Fargo & Company MN now owns 28,863 shares of the biotechnology company’s stock worth $611,000 after acquiring an additional 6,245 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in Coherus BioSciences in the 1st quarter worth approximately $459,000. Bank of New York Mellon Corp grew its stake in Coherus BioSciences by 17.9% in the 1st quarter. Bank of New York Mellon Corp now owns 165,140 shares of the biotechnology company’s stock worth $3,492,000 after acquiring an additional 25,108 shares during the period. Finally, Pictet Asset Management Ltd. grew its stake in Coherus BioSciences by 0.3% in the 1st quarter. Pictet Asset Management Ltd. now owns 441,788 shares of the biotechnology company’s stock worth $9,344,000 after acquiring an additional 1,432 shares during the period. 78.19% of the stock is owned by hedge funds and other institutional investors.
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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