Coherus Oncology (NASDAQ:CHRS) Stock Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Technical breakout: Coherus Oncology's share price moved above its 200-day moving average (200‑day = $1.63), trading as high as $1.80 on Friday with about 560,648 shares exchanged.
• Analyst sentiment: The stock carries a Moderate Buy consensus (two Buy ratings, one Hold) with an average price target of $7.00 and Oppenheimer initiating coverage at "Outperform" with a $10 target.
• Weak recent results: The company missed quarterly EPS and revenue estimates, reported an extremely negative return on equity, and analysts expect roughly -$0.93 EPS for the current fiscal year despite a market cap near $278 million.

Coherus Oncology, Inc. (NASDAQ:CHRS - Get Free Report)'s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.63 and traded as high as $1.80. Coherus Oncology shares last traded at $1.80, with a volume of 560,648 shares trading hands.

Wall Street Analysts Forecast Growth

CHRS has been the subject of several analyst reports. Oppenheimer initiated coverage on shares of Coherus Oncology in a research note on Thursday, January 22nd. They issued an "outperform" rating and a $10.00 price target for the company. Wall Street Zen raised shares of Coherus Oncology from a "sell" rating to a "hold" rating in a research note on Saturday, March 14th. Finally, Weiss Ratings raised shares of Coherus Oncology from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, April 22nd. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $7.00.

Coherus Oncology Trading Up 1.4%

The company's 50 day simple moving average is $1.73 and its 200 day simple moving average is $1.63. The firm has a market cap of $277.60 million, a price-to-earnings ratio of 1.23 and a beta of 1.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.47 and a quick ratio of 1.45.

Coherus Oncology (NASDAQ:CHRS - Get Free Report) last posted its quarterly earnings results on Monday, March 9th. The biotechnology company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.03). The business had revenue of $12.75 million during the quarter, compared to analyst estimates of $14.09 million. Coherus Oncology had a negative return on equity of 860.29% and a net margin of 398.42%. As a group, research analysts expect that Coherus Oncology, Inc. will post -0.93 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Coherus Oncology

Several institutional investors have recently modified their holdings of CHRS. Acadian Asset Management LLC lifted its position in shares of Coherus Oncology by 52,980.1% during the 1st quarter. Acadian Asset Management LLC now owns 196,927 shares of the biotechnology company's stock worth $158,000 after purchasing an additional 196,556 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Coherus Oncology by 0.8% during the 2nd quarter. Geode Capital Management LLC now owns 2,676,476 shares of the biotechnology company's stock worth $1,958,000 after purchasing an additional 20,976 shares during the last quarter. XTX Topco Ltd lifted its position in shares of Coherus Oncology by 65.3% during the 2nd quarter. XTX Topco Ltd now owns 91,739 shares of the biotechnology company's stock worth $67,000 after purchasing an additional 36,257 shares during the last quarter. Invesco Ltd. lifted its position in shares of Coherus Oncology by 11.5% during the 2nd quarter. Invesco Ltd. now owns 208,271 shares of the biotechnology company's stock worth $152,000 after purchasing an additional 21,550 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of Coherus Oncology during the 2nd quarter worth $46,000. 72.82% of the stock is owned by hedge funds and other institutional investors.

About Coherus Oncology

Coherus Oncology, Inc is a commercial-stage biopharmaceutical company focused on the development, manufacturing and commercialization of biologic therapies for oncology support and immuno-oncology. Founded in 2010 and headquartered in Redwood City, California, Coherus specializes in biosimilar versions of established oncology agents as well as novel immunotherapy candidates.

The company's lead marketed products include Udenyca (pegfilgrastim-cbqv) and Fulphila (pegfilgrastim-jmdb), biosimilars to Amgen's Neulasta, which are designed to reduce the incidence of infection in patients undergoing myelosuppressive chemotherapy.

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