Maxim Group reaffirmed their buy rating on shares of Coherus Biosciences (NASDAQ:CHRS) in a research note released on Wednesday, AnalystRatings.com reports. They currently have a $25.00 price target on the biotechnology company’s stock.
“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.”,” Maxim Group’s analyst commented.
CHRS has been the topic of several other research reports. BidaskClub downgraded shares of Walgreens Boots Alliance from a sell rating to a strong sell rating in a report on Monday, June 24th. Zacks Investment Research downgraded shares of HEXO from a hold rating to a sell rating in a report on Wednesday, May 15th. HC Wainwright upped their price objective on shares of Applied Genetic Technologies from $5.75 to $12.00 and gave the company a buy rating in a report on Tuesday, May 7th. Robert W. Baird set a $28.00 price objective on shares of Coherus Biosciences and gave the company a buy rating in a report on Wednesday, June 19th. Finally, ValuEngine downgraded shares of Zymeworks from a buy rating to a hold rating in a report on Saturday, May 18th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $29.14.
Coherus Biosciences (NASDAQ:CHRS) last issued its earnings results on Thursday, May 9th. The biotechnology company reported ($0.29) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.16. The company had revenue of $37.10 million for the quarter, compared to analysts’ expectations of $36.83 million. On average, equities research analysts expect that Coherus Biosciences will post -0.46 EPS for the current fiscal year.
In other news, CEO Dennis M. Lanfear sold 32,398 shares of the business’s stock in a transaction that occurred 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 owns 125,017 shares of the company’s stock, valued at $2,436,581.33. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James Healy sold 360,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were 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 directly owns 92 shares in the company, valued at approximately $2,051.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,174,224 shares of company stock worth $25,317,332. Insiders own 18.20% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc grew its holdings in Coherus Biosciences by 12.3% during the fourth quarter. Legal & General Group Plc now owns 9,095 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 998 shares during the period. DekaBank Deutsche Girozentrale grew its holdings in Coherus Biosciences by 20.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 21,300 shares of the biotechnology company’s stock worth $426,000 after acquiring an additional 3,600 shares during the period. Hound Partners LLC grew its holdings in Coherus Biosciences by 0.3% during the fourth quarter. Hound Partners LLC now owns 2,016,827 shares of the biotechnology company’s stock worth $18,252,000 after acquiring an additional 6,551 shares during the period. SG Americas Securities LLC acquired a new position in Coherus Biosciences during the first quarter worth $108,000. Finally, Bank of New York Mellon Corp boosted its position in Coherus Biosciences by 4.1% during the fourth quarter. Bank of New York Mellon Corp now owns 222,542 shares of the biotechnology company’s stock worth $2,013,000 after purchasing an additional 8,766 shares in the last quarter. 99.18% of the stock is currently owned by hedge funds and other institutional investors.
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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