Zacks Investment Research Upgrades Coherus Biosciences (NASDAQ:CHRS) to “Buy”
Coherus Biosciences (NASDAQ:CHRS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday, Zacks.com reports. The firm presently has a $19.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 9.64% from the stock’s current price.
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. “
CHRS has been the topic of several other reports. TheStreet upgraded Coherus Biosciences from a “d+” rating to a “c-” rating in a report on Friday, March 20th. Credit Suisse Group reissued a “buy” rating and set a $36.00 target price on shares of Coherus Biosciences in a report on Thursday, March 5th. SunTrust Banks assumed coverage on shares of Coherus Biosciences in a research note on Friday, April 17th. They set a “buy” rating and a $26.00 price target for the company. BidaskClub lowered shares of Coherus Biosciences from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 16th. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Coherus Biosciences in a report on Friday, May 8th. Two research analysts have rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $30.88.
Coherus Biosciences (NASDAQ:CHRS) last released its quarterly earnings data on Thursday, May 7th. The biotechnology company reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.10. Coherus Biosciences had a return on equity of 190.82% and a net margin of 33.42%. The company had revenue of $116.18 million for the quarter, compared to the consensus estimate of $116.25 million. As a group, sell-side analysts predict that Coherus Biosciences will post 1.31 earnings per share for the current fiscal year.
In other Coherus Biosciences news, Director Mats Wahlstrom sold 200,000 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $17.15, for a total transaction of $3,430,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary T. Szela sold 54,997 shares of Coherus Biosciences stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $17.58, for a total value of $966,847.26. Following the completion of the transaction, the director now directly owns 14,997 shares of the company’s stock, valued at $263,647.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 268,925 shares of company stock worth $4,627,867. Insiders own 15.86% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. boosted its holdings in shares of Coherus Biosciences by 378.7% during the 4th quarter. Meeder Asset Management Inc. now owns 2,269 shares of the biotechnology company’s stock worth $40,000 after buying an additional 1,795 shares in the last quarter. Private Capital Group LLC increased its stake in shares of Coherus Biosciences by 244.7% in the 1st quarter. Private Capital Group LLC now owns 2,382 shares of the biotechnology company’s stock valued at $39,000 after acquiring an additional 1,691 shares in the last quarter. Great West Life Assurance Co. Can acquired a new position in shares of Coherus Biosciences during the 4th quarter valued at $64,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Coherus Biosciences by 27.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,617 shares of the biotechnology company’s stock worth $75,000 after acquiring an additional 990 shares in the last quarter. Finally, Advisor Group Holdings Inc. acquired a new stake in Coherus Biosciences in the first quarter worth $82,000.
About Coherus Biosciences
Coherus BioSciences, Inc, a commercial-stage biotherapeutics company, focuses on the biosimilar market worldwide. It markets UDENYCA, a long-acting granulocyte-colony stimulating factor, which stimulates production of granulocytes in order to promote the body's ability to fight infections. The company sells UDENYCA in the United States.
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