Coherus Biosciences Inc (NASDAQ:CHRS)’s share price gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $12.72, but opened at $11.93. Coherus Biosciences shares last traded at $10.06, with a volume of 2369603 shares traded.
The biotechnology company reported ($0.87) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.79) by ($0.08).
CHRS has been the topic of several research reports. Zacks Investment Research raised Coherus Biosciences from a “sell” rating to a “hold” rating in a research report on Friday, September 7th. Maxim Group reissued a “buy” rating and set a $25.00 price target on shares of Coherus Biosciences in a research report on Tuesday, September 25th. HC Wainwright set a $28.00 price target on Coherus Biosciences and gave the company a “buy” rating in a research report on Wednesday, September 26th. BidaskClub lowered Coherus Biosciences from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 9th. Finally, Cowen reissued a “buy” rating and set a $45.00 price target on shares of Coherus Biosciences in a research report on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. Coherus Biosciences currently has a consensus rating of “Buy” and an average target price of $27.20.
In related news, Director James Healy sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $20.50, for a total transaction of $512,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Barbara K. Finck sold 1,760 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $18.58, for a total value of $32,700.80. Following the sale, the insider now directly owns 38,803 shares in the company, valued at $720,959.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,520 shares of company stock worth $578,676. Corporate insiders own 26.28% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of CHRS. Northern Trust Corp grew its stake in Coherus Biosciences by 1.9% during the 1st quarter. Northern Trust Corp now owns 477,300 shares of the biotechnology company’s stock worth $5,274,000 after buying an additional 8,760 shares during the last quarter. BlackRock Inc. grew its stake in Coherus Biosciences by 4.2% during the 1st quarter. BlackRock Inc. now owns 3,333,724 shares of the biotechnology company’s stock worth $36,837,000 after buying an additional 134,998 shares during the last quarter. Principal Financial Group Inc. bought a new position in Coherus Biosciences during the 1st quarter worth $115,000. UBS Group AG grew its stake in Coherus Biosciences by 642.1% during the 1st quarter. UBS Group AG now owns 80,902 shares of the biotechnology company’s stock worth $894,000 after buying an additional 70,000 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in Coherus Biosciences by 26.2% during the 1st quarter. Royal Bank of Canada now owns 32,526 shares of the biotechnology company’s stock worth $360,000 after buying an additional 6,754 shares during the last quarter. Hedge funds and other institutional investors own 91.25% of the company’s stock.
The company has a market capitalization of $846.40 million, a PE ratio of -2.24 and a beta of 3.72. The company has a debt-to-equity ratio of 1.66, a current ratio of 7.79 and a quick ratio of 7.79.
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Coherus Biosciences Company Profile (NASDAQ:CHRS)
Coherus BioSciences, Inc, a biosimilar company, develops and commercializes various therapeutic products worldwide. The company engages in the development of late-stage clinical products, including CHS-1701 pegfilgrastim biosimilar, a granulocyte colony-stimulating factor product candidate; CHS-1420 adalimumab biosimilar, an anti-tumor necrosis factor product candidate; and CHS-0214, an etanercept biosimilar for rheumatoid arthritis and psoriasis.
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