Coherus BioSciences, Inc. (CHRS) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Coherus BioSciences, Inc. (NASDAQ:CHRS) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. They currently have $14.00 price objective on the biotechnology company’s 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. “

Several other analysts have also recently weighed in on the stock. J P Morgan Chase & Co reissued an overweight rating and issued a $25.00 price target (down previously from $32.00) on shares of Coherus BioSciences in a research note on Tuesday, August 8th. BidaskClub cut shares of Coherus BioSciences from a sell rating to a strong sell rating in a research note on Saturday, August 5th. Credit Suisse Group reissued an outperform rating and issued a $24.00 price target (down previously from $38.00) on shares of Coherus BioSciences in a research note on Wednesday, June 14th. ValuEngine cut shares of Coherus BioSciences from a hold rating to a sell rating in a research note on Tuesday, June 13th. Finally, Citigroup Inc. dropped their price target on shares of Coherus BioSciences from $38.00 to $33.00 and set a buy rating for the company in a research note on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating and ten have given a buy rating to the stock. The stock has an average rating of Buy and an average price target of $34.70.

Coherus BioSciences (NASDAQ CHRS) opened at 11.75 on Tuesday. The stock’s market cap is $603.32 million. The firm’s 50 day moving average price is $13.39 and its 200 day moving average price is $19.26. Coherus BioSciences has a 12 month low of $10.80 and a 12 month high of $31.98.

Coherus BioSciences (NASDAQ:CHRS) last posted its quarterly earnings results on Monday, August 7th. The biotechnology company reported ($1.08) earnings per share for the quarter, beating the consensus estimate of ($1.29) by $0.21. Coherus BioSciences had a negative net margin of 73.89% and a negative return on equity of 307.41%. The business had revenue of $1.40 million during the quarter. On average, equities research analysts predict that Coherus BioSciences will post ($5.13) EPS for the current fiscal year.

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In related news, insider Alan C. Herman sold 17,535 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $15.02, for a total transaction of $263,375.70. Following the completion of the transaction, the insider now owns 49,651 shares of the company’s stock, valued at approximately $745,758.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 32.88% of the company’s stock.

Several institutional investors have recently bought and sold shares of CHRS. FMR LLC boosted its position in Coherus BioSciences by 17.2% in the first quarter. FMR LLC now owns 7,671,981 shares of the biotechnology company’s stock worth $162,262,000 after buying an additional 1,124,163 shares during the last quarter. Vanguard Group Inc. boosted its position in Coherus BioSciences by 88.8% in the first quarter. Vanguard Group Inc. now owns 2,209,244 shares of the biotechnology company’s stock worth $46,726,000 after buying an additional 1,039,402 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in Coherus BioSciences by 54.5% in the second quarter. UBS Asset Management Americas Inc. now owns 1,391,216 shares of the biotechnology company’s stock worth $19,964,000 after buying an additional 490,899 shares during the last quarter. JHL Capital Group LLC boosted its position in Coherus BioSciences by 180.0% in the first quarter. JHL Capital Group LLC now owns 700,000 shares of the biotechnology company’s stock worth $14,805,000 after buying an additional 450,000 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in Coherus BioSciences by 70.6% in the second quarter. TIAA CREF Investment Management LLC now owns 1,001,104 shares of the biotechnology company’s stock worth $14,366,000 after buying an additional 414,229 shares during the last quarter. 72.41% of the stock is owned by hedge funds and other institutional investors.

About Coherus BioSciences

Coherus BioSciences, Inc is a late-stage clinical biologics platform company. The Company is engaged in the business of developing and commercializing biosimilar products. The Company’s business is organized around therapeutic franchises, including Oncology biosimilar candidates pegfilgrastim (Neulasta) and bevacizumab (Avastin); Immunology (Anti-TNF) biosimilar candidates etanercept (Enbrel) and adalimumab (Humira); Ophthalmology biosimilar candidate ranibizumab (Lucentis), and Multiple sclerosis small molecule therapeutic candidate, CHS-131.

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