Maxim Group reiterated their buy rating on shares of Coherus Biosciences (NASDAQ:CHRS) in a report issued on Wednesday, AnalystRatings.com reports. The brokerage currently has a $25.00 target price 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.
A number of other research firms also recently commented on CHRS. Zacks Investment Research downgraded HEXO from a hold rating to a sell rating in a report on Wednesday, May 15th. BidaskClub downgraded Walgreens Boots Alliance from a sell rating to a strong sell rating in a report on Monday, June 24th. Robert W. Baird set a $28.00 target price on Coherus Biosciences and gave the stock a buy rating in a report on Wednesday, June 19th. ValuEngine downgraded Zymeworks from a buy rating to a hold rating in a report on Saturday, May 18th. Finally, HC Wainwright increased their target price on Applied Genetic Technologies from $5.75 to $12.00 and gave the stock a buy rating in a report on Tuesday, May 7th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $29.14.
Coherus Biosciences (NASDAQ:CHRS) last issued its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.29) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.16. The business had revenue of $37.10 million during the quarter, compared to analysts’ expectations of $36.83 million. As a group, equities analysts forecast that Coherus Biosciences will post -0.46 EPS for the current fiscal year.
In related news, CEO Dennis M. Lanfear sold 32,398 shares of the firm’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 sale, the chief executive officer now owns 125,017 shares of the company’s stock, valued at approximately $2,436,581.33. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James Healy sold 257,870 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $20.69, for a total value of $5,335,330.30. Following the completion of the sale, the director now directly owns 92 shares in the company, valued at approximately $1,903.48. The disclosure for this sale can be found here. In the last three months, insiders sold 1,174,224 shares of company stock worth $25,317,332. Company insiders own 18.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc lifted its holdings in shares of Coherus Biosciences by 12.3% in the 4th quarter. Legal & General Group Plc now owns 9,095 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 998 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in Coherus Biosciences by 20.3% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 21,300 shares of the biotechnology company’s stock valued at $426,000 after acquiring an additional 3,600 shares during the period. Hound Partners LLC increased its position in Coherus Biosciences by 0.3% in the 4th quarter. Hound Partners LLC now owns 2,016,827 shares of the biotechnology company’s stock valued at $18,252,000 after acquiring an additional 6,551 shares during the period. SG Americas Securities LLC acquired a new stake in Coherus Biosciences in the 1st quarter valued at approximately $108,000. Finally, Bank of New York Mellon Corp increased its position in Coherus Biosciences by 4.1% in the 4th quarter. Bank of New York Mellon Corp now owns 222,542 shares of the biotechnology company’s stock valued at $2,013,000 after acquiring an additional 8,766 shares during the period. 99.18% of the stock is currently owned by institutional investors and hedge funds.
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.
See Also: Systematic Risk
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