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

Key Points

• Coherus Oncology's stock price recently rose above its 200-day moving average, reaching a high of $1.54, indicating a potential upward trend.
• Analyst ratings have improved, with Maxim Group upgrading Coherus Oncology from a "hold" to a "buy" rating and setting a target price of $4.00.
• Institutional ownership is significant, with 72.82% of the stock held by institutional investors and hedge funds, showing strong institutional interest in the company.

Coherus Oncology, Inc. (NASDAQ:CHRS - Get Free Report) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.95 and traded as high as $1.54. Coherus Oncology shares last traded at $1.53, with a volume of 3,059,639 shares traded.

Wall Street Analysts Forecast Growth

Separately, Maxim Group upgraded shares of Coherus Oncology from a "hold" rating to a "buy" rating and set a $4.00 target price on the stock in a report on Thursday, September 4th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $4.51.

Coherus Oncology Stock Performance

The company has a quick ratio of 1.43, a current ratio of 1.44 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average of $1.11 and a 200 day moving average of $0.95. The firm has a market cap of $184.81 million, a price-to-earnings ratio of 1.03 and a beta of 0.88.

Institutional Trading of Coherus Oncology

Hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LLC lifted its position in Coherus Oncology by 20.0% in the 2nd quarter. Corient Private Wealth LLC now owns 60,000 shares of the biotechnology company's stock worth $44,000 after buying an additional 10,000 shares in the last quarter. Tejara Capital Ltd increased its stake in shares of Coherus Oncology by 1.7% in the second quarter. Tejara Capital Ltd now owns 698,770 shares of the biotechnology company's stock worth $511,000 after acquiring an additional 11,552 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Coherus Oncology by 97.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 30,847 shares of the biotechnology company's stock worth $43,000 after acquiring an additional 15,214 shares in the last quarter. Geode Capital Management LLC boosted its position in Coherus Oncology by 0.8% during the second quarter. Geode Capital Management LLC now owns 2,676,476 shares of the biotechnology company's stock valued at $1,958,000 after purchasing an additional 20,976 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Coherus Oncology by 11.5% during the second quarter. Invesco Ltd. now owns 208,271 shares of the biotechnology company's stock valued at $152,000 after purchasing an additional 21,550 shares during the last quarter. Institutional investors and hedge funds own 72.82% of the company's stock.

About Coherus Oncology

Coherus BioSciences, Inc, a biopharmaceutical company, focuses on the research, development, and commercialization of cancer treatments primarily in the United States. The company develops UDENYCA, a biosimilar to Neulasta, a long-acting granulocyte-colony stimulating factor; LOQTORZI, a novel PD-1 inhibitor; and Casdozokitug, an investigational recombinant human immunoglobulin isotype G1 (IgG1) monoclonal antibody targeting interleukin 27.