Coherus Oncology (NASDAQ:CHRS) Stock Rated "Buy" in New Coverage at HC Wainwright

Key Points

• HC Wainwright initiated coverage of Coherus Oncology with a “Buy” rating, contributing to a MarketBeat consensus rating of “Moderate Buy” and an average price target of $11.00.
• Coherus shares fell 28.9% to $0.83, near their 12-month low of $0.81, while the company continues to report significant losses despite quarterly EPS beating estimates.
• Institutional investors own 72.82% of the stock, with several hedge funds—including Bank of America, Jefferies and HSBC—recently establishing positions.

Investment analysts at HC Wainwright began coverage on shares of Coherus Oncology (NASDAQ:CHRS - Get Free Report) in a research report issued to clients and investors on Thursday, Marketbeat reports. The firm set a "buy" rating on the biotechnology company's stock.

Separately, Weiss Ratings upgraded shares of Coherus Oncology from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Coherus Oncology presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.00.

Coherus Oncology Stock Down 28.9%

NASDAQ:CHRS traded down $0.34 on Thursday, reaching $0.83. 1,610,064 shares of the stock traded hands, compared to its average volume of 1,471,291. The company has a market capitalization of $127.46 million, a price-to-earnings ratio of -0.81 and a beta of 0.98. The company has a current ratio of 1.77, a quick ratio of 1.70 and a debt-to-equity ratio of 0.61. Coherus Oncology has a 12 month low of $0.81 and a 12 month high of $2.62. The company's fifty day simple moving average is $1.22 and its 200 day simple moving average is $1.54.

Coherus Oncology (NASDAQ:CHRS - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported ($0.19) earnings per share for the quarter, beating analysts' consensus estimates of ($0.25) by $0.06. The business had revenue of $14.31 million during the quarter, compared to analyst estimates of $14.41 million. Coherus Oncology had a negative net margin of 259.41% and a negative return on equity of 222.75%. Equities analysts predict that Coherus Oncology will post -0.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Coherus Oncology

A number of hedge funds have recently modified their holdings of CHRS. Spark Investment Management LLC purchased a new position in shares of Coherus Oncology in the second quarter worth $25,000. Jefferies Financial Group Inc. purchased a new position in shares of Coherus Oncology in the second quarter worth $353,000. Corient Private Wealth LP purchased a new position in shares of Coherus Oncology in the second quarter worth $140,000. Bank of America Corp DE purchased a new position in shares of Coherus Oncology in the second quarter worth $424,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Coherus Oncology in the second quarter worth $131,000. 72.82% of the stock is currently owned by institutional investors.

About Coherus Oncology

Coherus Oncology, formerly known as Coherus BioSciences, is a commercial-stage biopharmaceutical company focused primarily on developing and commercializing medicines for cancer and other serious diseases. The company has built its business around biologic therapies, including biosimilars and innovative treatments intended to improve access to important medicines.

Its portfolio includes UDENYCA (pegfilgrastim-cbq), a long-acting treatment used to reduce the risk of infection associated with chemotherapy, and LOQTORZI (toripalimab-tpzi), an immuno-oncology therapy approved in the United States for certain patients with nasopharyngeal carcinoma.