Coherus Biosciences (NASDAQ:CHRS) Downgraded by Zacks Investment Research to Hold

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Zacks Investment Research lowered 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 several other research reports. Barclays set a $31.00 price target on shares of Coherus Biosciences and gave the company a buy rating in a research report on Monday, August 12th. Robert W. Baird set a $28.00 price target on shares of Coherus Biosciences and gave the company a buy rating in a research report on Wednesday, June 19th. Mizuho assumed coverage on shares of Coherus Biosciences in a research report on Tuesday, August 13th. They set a buy rating and a $43.00 price target on the stock. Maxim Group reissued a buy rating and issued a $27.00 target price (up previously from $25.00) on shares of Coherus Biosciences in a research report on Friday, August 2nd. Finally, BidaskClub lowered Coherus Biosciences from a buy rating to a hold rating in a research report on Friday, July 19th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $31.38.

CHRS stock opened at $22.01 on Tuesday. The firm’s 50 day moving average price is $19.04 and its 200-day moving average price is $17.09. Coherus Biosciences has a one year low of $8.32 and a one year high of $23.43.

Coherus Biosciences (NASDAQ:CHRS) last released its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $0.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.40. The firm had revenue of $83.43 million for the quarter, compared to analysts’ expectations of $81.05 million. Analysts forecast that Coherus Biosciences will post 0.89 earnings per share for the current year.

In other Coherus Biosciences news, CFO Jean-Frederic Viret sold 6,318 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $21.71, for a total value of $137,163.78. Following the sale, the chief financial officer now owns 14,831 shares of the company’s stock, valued at $321,981.01. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Dennis M. Lanfear sold 32,398 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $19.49, for a total value of $631,437.02. Following the completion of the sale, the chief executive officer now directly owns 125,017 shares in the company, valued at approximately $2,436,581.33. The disclosure for this sale can be found here. In the last three months, insiders sold 930,672 shares of company stock worth $20,271,785. 18.20% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CHRS. Public Employees Retirement System of Ohio purchased a new stake in shares of Coherus Biosciences during the second quarter worth $75,000. Aperio Group LLC purchased a new stake in shares of Coherus Biosciences during the second quarter worth $80,000. Legal & General Group Plc increased its position in shares of 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. SG Americas Securities LLC purchased a new stake in shares of Coherus Biosciences during the first quarter worth $108,000. Finally, Bank of Montreal Can purchased a new stake in shares of Coherus Biosciences during the second quarter worth $114,000. 96.88% 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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