Coherus Biosciences (NASDAQ:CHRS) Downgraded by Zacks Investment Research
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. “
A number of other brokerages have also commented on CHRS. BidaskClub lowered Walgreens Boots Alliance from a sell rating to a strong sell rating in a research report on Monday, June 24th. Barclays increased their price objective on from GBX 200 ($2.61) to GBX 210 ($2.74) and gave the company an equal weight rating in a research report on Friday, June 21st. Maxim Group restated a buy rating and issued a $25.00 price target on shares of Coherus Biosciences in a research report on Wednesday. ValuEngine lowered Zymeworks from a buy rating to a hold rating in a research report on Saturday, May 18th. Finally, Robert W. Baird set a $28.00 price target on Coherus Biosciences and gave the stock a buy rating in a research report on Wednesday, June 19th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $29.14.
Coherus Biosciences (NASDAQ:CHRS) last announced its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.29) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.16. The firm had revenue of $37.10 million during the quarter, compared to the consensus estimate of $36.83 million. On average, equities research analysts predict that Coherus Biosciences will post -0.46 earnings per share for the current fiscal year.
In other news, CEO Dennis M. Lanfear sold 32,398 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $19.49, for a total value of $631,437.02. Following the transaction, the chief executive officer now directly owns 125,017 shares in the company, valued at approximately $2,436,581.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Healy sold 360,000 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $22.30, for a total value of $8,028,000.00. Following the completion of the transaction, the director now owns 92 shares in the company, valued at $2,051.60. The disclosure for this sale can be found here. Insiders sold a total of 1,174,224 shares of company stock worth $25,317,332 over the last 90 days. 18.20% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of the company. Rhumbline Advisers boosted its position in shares of Coherus Biosciences by 56.1% during the 4th quarter. Rhumbline Advisers now owns 68,251 shares of the biotechnology company’s stock valued at $618,000 after acquiring an additional 24,533 shares during the last quarter. First Trust Advisors LP acquired a new position in Coherus Biosciences in the fourth quarter valued at about $820,000. BlackRock Inc. lifted its position in Coherus Biosciences by 2.1% in the fourth quarter. BlackRock Inc. now owns 4,722,418 shares of the biotechnology company’s stock valued at $42,739,000 after buying an additional 94,893 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Coherus Biosciences by 4.1% in the fourth quarter. Bank of New York Mellon Corp now owns 222,542 shares of the biotechnology company’s stock valued at $2,013,000 after buying an additional 8,766 shares during the last quarter. Finally, Brown Advisory Inc. lifted its position in Coherus Biosciences by 1.8% in the fourth quarter. Brown Advisory Inc. now owns 671,103 shares of the biotechnology company’s stock valued at $6,074,000 after buying an additional 11,837 shares during the last quarter. Institutional investors and hedge funds own 99.18% of the company’s stock.
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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