HC Wainwright reiterated their buy rating on shares of Coherus Biosciences (NASDAQ:CHRS) in a research report sent to investors on Friday, AnalystRatings.com reports. The brokerage currently has a $29.00 target price on the biotechnology company’s stock, up from their previous target price of $28.00.
“We raise our revenue estimates to $315M (up from $178M) and $387M (from $254M) respectively. Likewise, we now expect Coherus to be profitable over the next two years and raise our EPS estimates to $0.67/share and $0.62/share respectively. We raise our price target to $29 (from $28) since our revised estimates for Udenyca sales increase the value of that franchise in our sum-of-the-parts model. The best biosimilar launch keeps on giving. Coherus’ launch of Udenyca is setting the standard for how quickly it’s gained market traction. It’s even more impressive that Coherus did so as the second product to market, now surpassing Mylan (MYL; not rated) as the share leader in the biosimilar pegfilgrastim market. Coherus now has 13% share of the overall market and the company expects to exit 2019 with 20% share.”,” the firm’s analyst commented.
CHRS has been the topic of a number of other research reports. Barclays set a $30.00 target price on Coherus Biosciences and gave the company a buy rating in a research note on Friday, June 21st. Robert W. Baird set a $28.00 target price on Coherus Biosciences and gave the company a buy rating in a research note on Wednesday, June 19th. BidaskClub lowered Coherus Biosciences from a buy rating to a hold rating in a research note on Friday, July 19th. ValuEngine lowered Coherus Biosciences from a buy rating to a hold rating in a research note on Wednesday, July 17th. Finally, Maxim Group reissued a buy rating and set a $25.00 price target on shares of Coherus Biosciences in a research note on Wednesday, July 10th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $29.57.
Coherus Biosciences (NASDAQ:CHRS) last posted its earnings results on Thursday, August 1st. The biotechnology company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.40. The company had revenue of $83.43 million during the quarter, compared to analysts’ expectations of $81.05 million. On average, equities research analysts anticipate that Coherus Biosciences will post -0.45 EPS for the current fiscal year.
In other Coherus Biosciences news, CEO Dennis M. Lanfear sold 32,398 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $19.49, for a total transaction of $631,437.02. Following the transaction, 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 filing with the SEC, which is available at the SEC website. Also, Director James Healy sold 257,870 shares of the stock in a transaction 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 transaction, 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 have sold 1,176,724 shares of company stock worth $25,365,332. Corporate insiders own 18.20% of the company’s stock.
Several institutional investors have recently modified their holdings of the business. Deutsche Bank AG increased its holdings in shares of Coherus Biosciences by 30.4% during the 4th quarter. Deutsche Bank AG now owns 2,382,438 shares of the biotechnology company’s stock worth $21,559,000 after buying an additional 555,972 shares during the last quarter. C WorldWide Group Holding A S increased its holdings in shares of Coherus Biosciences by 241.9% during the 2nd quarter. C WorldWide Group Holding A S now owns 678,464 shares of the biotechnology company’s stock worth $14,994,000 after buying an additional 480,000 shares during the last quarter. Sivik Global Healthcare LLC acquired a new stake in shares of Coherus Biosciences during the 1st quarter worth $3,069,000. Atika Capital Management LLC acquired a new stake in shares of Coherus Biosciences during the 1st quarter worth $2,564,000. Finally, Rhenman & Partners Asset Management AB increased its holdings in shares of Coherus Biosciences by 40.5% during the 1st quarter. Rhenman & Partners Asset Management AB now owns 451,131 shares of the biotechnology company’s stock worth $6,153,000 after buying an additional 130,000 shares during the last quarter. 99.18% of the stock is currently owned by institutional investors.
Coherus Biosciences Company Profile
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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