Maxim Group Reaffirms Buy Rating for Coherus Biosciences (NASDAQ:CHRS)
Maxim Group reiterated their buy rating on shares of Coherus Biosciences (NASDAQ:CHRS) in a research note issued to investors on Wednesday, AnalystRatings.com reports. They currently have 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.
Several other brokerages also recently weighed in on CHRS. Robert W. Baird set a $28.00 target price on shares of Coherus Biosciences and gave the company a buy rating in a research note on Wednesday, June 19th. Zacks Investment Research downgraded shares of HEXO from a hold rating to a sell rating in a research note on Wednesday, May 15th. ValuEngine downgraded shares of Zymeworks from a buy rating to a hold rating in a research note on Saturday, May 18th. HC Wainwright boosted their target price on shares of Applied Genetic Technologies from $5.75 to $12.00 and gave the company a buy rating in a research note on Tuesday, May 7th. Finally, BidaskClub downgraded shares of Walgreens Boots Alliance from a sell rating to a strong sell rating in a research note on Monday, June 24th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Coherus Biosciences presently has an average rating of Buy and an average price target of $29.14.
Coherus Biosciences (NASDAQ:CHRS) last announced its earnings results on Thursday, May 9th. The biotechnology company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.16. The firm had revenue of $37.10 million during the quarter, compared to analyst estimates of $36.83 million. As a group, equities analysts expect that Coherus Biosciences will post -0.46 EPS for the current fiscal year.
In other Coherus Biosciences news, CEO Dennis M. Lanfear sold 32,398 shares of Coherus Biosciences stock in a transaction dated Thursday, May 30th. The stock was 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 owns 125,017 shares in the company, valued at approximately $2,436,581.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jean-Frederic Viret sold 6,826 shares of Coherus Biosciences stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $19.85, for a total value of $135,496.10. The disclosure for this sale can be found here. Insiders sold a total of 1,174,224 shares of company stock valued at $25,317,332 in the last 90 days. 18.20% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Xact Kapitalforvaltning AB acquired a new stake in Coherus Biosciences in the 2nd quarter valued at approximately $225,000. Campbell & CO Investment Adviser LLC acquired a new stake in Coherus Biosciences in the 2nd quarter valued at approximately $332,000. Sphera Funds Management LTD. acquired a new stake in Coherus Biosciences in the 1st quarter valued at approximately $1,031,000. Atika Capital Management LLC acquired a new stake in Coherus Biosciences in the 1st quarter valued at approximately $2,564,000. Finally, DekaBank Deutsche Girozentrale grew its holdings 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 buying an additional 3,600 shares during the last quarter. Institutional investors own 99.18% 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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