Coherus BioSciences, Inc. (CHRS) Sets New 12-Month Low on Disappointing Earnings
Shares of Coherus BioSciences, Inc. (NASDAQ:CHRS) hit a new 52-week low during mid-day trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $10.50 and last traded at $12.25, with a volume of 406034 shares traded. The stock had previously closed at $11.95.
The biotechnology company reported ($1.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.83) by ($0.26). Coherus BioSciences had a negative net margin of 73.89% and a negative return on equity of 307.41%.
Several analysts recently issued reports on CHRS shares. Zacks Investment Research cut Coherus BioSciences from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Cowen and Company reissued an “outperform” rating and issued a $45.00 target price on shares of Coherus BioSciences in a research note on Friday, September 8th. BidaskClub cut Coherus BioSciences from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. Maxim Group reissued a “buy” rating and issued a $20.00 target price (down from $40.00) on shares of Coherus BioSciences in a research note on Friday, September 8th. Finally, ValuEngine cut Coherus BioSciences from a “sell” rating to a “strong sell” rating in a research note on Thursday, October 26th. Three analysts have rated the stock with a sell rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $31.00.
A number of institutional investors and hedge funds have recently modified their holdings of CHRS. Vanguard Group Inc. lifted its holdings in Coherus BioSciences by 88.8% in the first quarter. Vanguard Group Inc. now owns 2,209,244 shares of the biotechnology company’s stock worth $46,726,000 after buying an additional 1,039,402 shares during the period. UBS Asset Management Americas Inc. lifted its holdings in Coherus BioSciences by 54.5% in the second quarter. UBS Asset Management Americas Inc. now owns 1,391,216 shares of the biotechnology company’s stock worth $19,964,000 after buying an additional 490,899 shares during the period. TIAA CREF Investment Management LLC lifted its holdings in Coherus BioSciences by 70.6% in the second quarter. TIAA CREF Investment Management LLC now owns 1,001,104 shares of the biotechnology company’s stock worth $14,366,000 after buying an additional 414,229 shares during the period. State of Wisconsin Investment Board purchased a new stake in Coherus BioSciences in the second quarter worth about $4,850,000. Finally, State Street Corp lifted its holdings in Coherus BioSciences by 26.8% in the second quarter. State Street Corp now owns 1,416,572 shares of the biotechnology company’s stock worth $20,329,000 after buying an additional 298,986 shares during the period. Institutional investors and hedge funds own 78.12% of the company’s stock.
The company has a current ratio of 4.27, a quick ratio of 4.27 and a debt-to-equity ratio of 3.27.
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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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