Coherus Biosciences (NASDAQ:CHRS) Cut to Hold at Zacks Investment Research

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Zacks Investment Research cut shares of Coherus Biosciences (NASDAQ:CHRS) from a buy rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

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. “

CHRS has been the topic of a number of other research reports. BidaskClub lowered Coherus Biosciences from a buy rating to a hold rating in a research report on Friday, July 19th. ValuEngine downgraded Coherus Biosciences from a buy rating to a hold rating in a report on Wednesday, July 17th. Barclays set a $31.00 price objective on Coherus Biosciences and gave the stock a buy rating in a report on Monday, August 12th. Mizuho initiated coverage on Coherus Biosciences in a report on Tuesday, August 13th. They set a buy rating and a $43.00 price objective for the company. Finally, Robert W. Baird set a $28.00 price objective on Coherus Biosciences and gave the stock a buy rating in a report on Wednesday, June 19th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Coherus Biosciences has a consensus rating of Buy and an average target price of $31.38.

Shares of CHRS stock opened at $21.96 on Tuesday. Coherus Biosciences has a 12 month low of $8.32 and a 12 month high of $23.43. The stock has a 50 day moving average of $19.07 and a 200-day moving average of $17.05.

Coherus Biosciences (NASDAQ:CHRS) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $0.32 earnings per share 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 the consensus estimate of $81.05 million. Equities analysts anticipate that Coherus Biosciences will post 0.89 earnings per share for the current fiscal year.

In other Coherus Biosciences news, CFO Jean-Frederic Viret sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $19.04, for a total value of $57,120.00. Following the completion of the transaction, the chief financial officer now directly owns 8,513 shares in the company, valued at $162,087.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James Healy sold 317,130 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $21.37, for a total value of $6,777,068.10. Following the completion of the transaction, the director now owns 92 shares of the company’s stock, valued at $1,966.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 924,354 shares of company stock valued at $20,134,621. Corporate insiders own 18.20% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its stake in Coherus Biosciences by 10.6% in the second quarter. BlackRock Inc. now owns 5,037,431 shares of the biotechnology company’s stock valued at $111,327,000 after purchasing an additional 483,541 shares in the last quarter. Vanguard Group Inc. grew its stake in Coherus Biosciences by 3.0% in the second quarter. Vanguard Group Inc. now owns 2,958,583 shares of the biotechnology company’s stock valued at $65,384,000 after purchasing an additional 87,091 shares in the last quarter. Rock Springs Capital Management LP grew its stake in Coherus Biosciences by 180.6% in the second quarter. Rock Springs Capital Management LP now owns 1,880,000 shares of the biotechnology company’s stock valued at $41,548,000 after purchasing an additional 1,210,000 shares in the last quarter. Nuveen Asset Management LLC bought a new position in Coherus Biosciences in the second quarter valued at approximately $25,695,000. Finally, Northern Trust Corp grew its stake in Coherus Biosciences by 4.8% in the second quarter. Northern Trust Corp now owns 696,453 shares of the biotechnology company’s stock valued at $15,392,000 after purchasing an additional 31,834 shares in the last quarter. Hedge funds and other institutional investors own 96.88% 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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