Coherus BioSciences, Inc. (NASDAQ:CHRS) Sees Large Decrease in Short Interest

Coherus BioSciences, Inc. (NASDAQ:CHRS) was the target of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 23,450,000 shares, a decrease of 9.5% from the March 15th total of 25,910,000 shares. Based on an average trading volume of 3,790,000 shares, the short-interest ratio is currently 6.2 days.

Coherus BioSciences Stock Down 2.3 %

Coherus BioSciences stock traded down $0.05 during mid-day trading on Tuesday, reaching $2.15. 1,374,111 shares of the company’s stock were exchanged, compared to its average volume of 3,935,485. The business’s fifty day simple moving average is $2.41 and its 200 day simple moving average is $2.55. Coherus BioSciences has a one year low of $1.43 and a one year high of $8.65. The firm has a market capitalization of $242.33 million, a PE ratio of -0.84 and a beta of 0.54.

Coherus BioSciences (NASDAQ:CHRS) last released its quarterly earnings data on Wednesday, March 13th. The biotechnology company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.39). The business had revenue of $91.52 million for the quarter, compared to analyst estimates of $105.30 million. On average, sell-side analysts forecast that Coherus BioSciences will post -0.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

CHRS has been the subject of several analyst reports. Robert W. Baird lowered their price target on shares of Coherus BioSciences from $11.00 to $9.00 and set an “outperform” rating for the company in a report on Tuesday, January 23rd. Truist Financial dropped their target price on shares of Coherus BioSciences from $12.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, January 23rd. Finally, HC Wainwright decreased their price target on Coherus BioSciences from $13.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, March 20th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Coherus BioSciences has a consensus rating of “Moderate Buy” and an average target price of $9.29.

Hedge Funds Weigh In On Coherus BioSciences

Institutional investors have recently added to or reduced their stakes in the business. Ensign Peak Advisors Inc increased its position in shares of Coherus BioSciences by 6.9% during the 3rd quarter. Ensign Peak Advisors Inc now owns 21,490 shares of the biotechnology company’s stock valued at $207,000 after purchasing an additional 1,390 shares during the last quarter. Federated Hermes Inc. raised its position in Coherus BioSciences by 55.0% in the 3rd quarter. Federated Hermes Inc. now owns 4,223 shares of the biotechnology company’s stock worth $41,000 after purchasing an additional 1,498 shares during the period. Mackenzie Financial Corp lifted its stake in Coherus BioSciences by 4.7% in the first quarter. Mackenzie Financial Corp now owns 33,671 shares of the biotechnology company’s stock worth $435,000 after purchasing an additional 1,509 shares during the last quarter. American International Group Inc. boosted its position in Coherus BioSciences by 5.6% during the second quarter. American International Group Inc. now owns 39,212 shares of the biotechnology company’s stock valued at $284,000 after buying an additional 2,067 shares during the period. Finally, Eagle Bay Advisors LLC grew its position in Coherus BioSciences by 136.1% during the 2nd quarter. Eagle Bay Advisors LLC now owns 3,891 shares of the biotechnology company’s stock worth $28,000 after acquiring an additional 2,243 shares during the last quarter. 72.82% of the stock is currently owned by institutional investors.

Coherus BioSciences Company Profile

Coherus BioSciences, Inc, a biopharmaceutical company, focuses on the research, development, and commercialization of cancer treatments primarily in the United States. The company develops UDENYCA, a biosimilar to Neulasta, a long-acting granulocyte-colony stimulating factor; LOQTORZI, a novel PD-1 inhibitor; and Casdozokitug, an investigational recombinant human immunoglobulin isotype G1 (IgG1) monoclonal antibody targeting interleukin 27.