Coherus Biosciences (CHRS) – Investment Analysts’ Recent Ratings Changes

Coherus Biosciences (NASDAQ: CHRS) recently received a number of ratings updates from brokerages and research firms:

  • 8/13/2019 – Coherus Biosciences is now covered by analysts at Mizuho. They set a “buy” rating and a $43.00 price target on the stock.
  • 8/12/2019 – Coherus Biosciences was given a new $31.00 price target on by analysts at Barclays PLC. They now have a “buy” rating on the stock.
  • 8/2/2019 – Coherus Biosciences had its “buy” rating reaffirmed by analysts at Maxim Group. They now have a $27.00 price target on the stock, up previously from $25.00.
  • 8/2/2019 – Coherus Biosciences had its “buy” rating reaffirmed by analysts at HC Wainwright. They now have a $29.00 price target on the stock, up previously from $28.00. They wrote, “We raise our revenue estimates to $315M (up from $178M) and $387M (from $254M) respectively. Likewise, we now expect Coherus to be profitable over the next two years and raise our EPS estimates to $0.67/share and $0.62/share respectively. We raise our price target to $29 (from $28) since our revised estimates for Udenyca sales increase the value of that franchise in our sum-of-the-parts model. The best biosimilar launch keeps on giving. Coherus’ launch of Udenyca is setting the standard for how quickly it’s gained market traction. It’s even more impressive that Coherus did so as the second product to market, now surpassing Mylan (MYL; not rated) as the share leader in the biosimilar pegfilgrastim market. Coherus now has 13% share of the overall market and the company expects to exit 2019 with 20% share.””
  • 7/19/2019 – Coherus Biosciences was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating.
  • 7/17/2019 – Coherus Biosciences was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating.
  • 7/12/2019 – Coherus Biosciences was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “strong-buy” rating. They now have a $23.00 price target on the stock. 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. “
  • 7/10/2019 – Coherus Biosciences was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. 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. “
  • 7/10/2019 – Coherus Biosciences had its “buy” rating reaffirmed by analysts at Maxim Group. They now have a $25.00 price target on the stock. They wrote, “Coherus announced preliminary net sales on UDENYCA of $79M-$84M suggesting swift uptake. This is more than double the 1Q19 figure of $37M. Despite the increase in sales, CHRS shares were down over 13% yesterday.””
  • 6/24/2019 – Coherus Biosciences was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating.
  • 6/21/2019 – Coherus Biosciences was given a new $30.00 price target on by analysts at Barclays PLC. They now have a “buy” rating on the stock.

Shares of CHRS stock traded up $0.36 on Tuesday, reaching $20.07. The company had a trading volume of 536,400 shares, compared to its average volume of 928,394. The stock has a market cap of $1.38 billion, a PE ratio of -6.23 and a beta of 3.10. The company has a 50-day moving average of $19.15 and a 200-day moving average of $16.94. Coherus Biosciences Inc has a 12 month low of $8.32 and a 12 month high of $23.43.

Coherus Biosciences (NASDAQ:CHRS) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.40. The company had revenue of $83.43 million during the quarter, compared to the consensus estimate of $81.05 million. Analysts anticipate that Coherus Biosciences Inc will post 0.89 EPS for the current year.

In related news, CEO Dennis M. Lanfear sold 32,398 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $19.49, for a total transaction of $631,437.02. Following the completion of the sale, the chief executive officer now directly owns 125,017 shares of the company’s stock, valued at approximately $2,436,581.33. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Vincent R. Anicetti sold 2,500 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $19.00, for a total value of $47,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,179,224 shares of company stock valued at $25,412,832. 18.20% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Coherus Biosciences by 10.6% during the 2nd quarter. BlackRock Inc. now owns 5,037,431 shares of the biotechnology company’s stock worth $111,327,000 after purchasing an additional 483,541 shares in the last quarter. Vanguard Group Inc. increased its stake in Coherus Biosciences by 3.0% during the 2nd quarter. Vanguard Group Inc. now owns 2,958,583 shares of the biotechnology company’s stock worth $65,384,000 after purchasing an additional 87,091 shares in the last quarter. Rock Springs Capital Management LP increased its stake in Coherus Biosciences by 180.6% during the 2nd quarter. Rock Springs Capital Management LP now owns 1,880,000 shares of the biotechnology company’s stock worth $41,548,000 after purchasing an additional 1,210,000 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in Coherus Biosciences during the 2nd quarter worth approximately $25,695,000. Finally, Northern Trust Corp increased its stake in Coherus Biosciences by 4.8% during the 2nd quarter. Northern Trust Corp now owns 696,453 shares of the biotechnology company’s stock worth $15,392,000 after purchasing an additional 31,834 shares in the last quarter. 96.88% of the stock is owned by institutional investors and hedge funds.

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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