Point72 Asset Management L.P. Makes New Investment in Coherus BioSciences, Inc. (NASDAQ:CHRS)

Point72 Asset Management L.P. bought a new position in shares of Coherus BioSciences, Inc. (NASDAQ:CHRS - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 5,283,292 shares of the biotechnology company's stock, valued at approximately $7,291,000. Point72 Asset Management L.P. owned about 4.56% of Coherus BioSciences at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Savant Capital LLC acquired a new position in Coherus BioSciences during the fourth quarter worth $130,000. Geode Capital Management LLC increased its holdings in shares of Coherus BioSciences by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,599,639 shares of the biotechnology company's stock valued at $3,588,000 after purchasing an additional 34,494 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Coherus BioSciences by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 976,857 shares of the biotechnology company's stock valued at $1,348,000 after purchasing an additional 12,530 shares during the last quarter. Bank of Montreal Can acquired a new position in shares of Coherus BioSciences in the fourth quarter valued at $34,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Coherus BioSciences by 26.6% in the fourth quarter. Bank of New York Mellon Corp now owns 391,002 shares of the biotechnology company's stock valued at $540,000 after purchasing an additional 82,222 shares during the last quarter. 72.82% of the stock is currently owned by institutional investors and hedge funds.

Coherus BioSciences Stock Up 0.3%

Shares of Coherus BioSciences stock traded up $0.00 during trading on Thursday, reaching $0.78. The company's stock had a trading volume of 904,526 shares, compared to its average volume of 2,715,598. The business's 50-day moving average price is $0.92 and its 200-day moving average price is $1.13. The firm has a market cap of $89.86 million, a PE ratio of -9.69 and a beta of 1.01. Coherus BioSciences, Inc. has a 52 week low of $0.66 and a 52 week high of $2.43.

Coherus BioSciences (NASDAQ:CHRS - Get Free Report) last announced its earnings results on Monday, May 12th. The biotechnology company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.04). The firm had revenue of $7.60 million for the quarter, compared to the consensus estimate of $59.79 million. During the same period in the previous year, the firm posted ($0.32) earnings per share. Equities analysts predict that Coherus BioSciences, Inc. will post -1.05 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. HC Wainwright reiterated a "buy" rating and issued a $7.00 price objective on shares of Coherus BioSciences in a report on Tuesday, April 29th. Wall Street Zen downgraded shares of Coherus BioSciences from a "hold" rating to a "sell" rating in a report on Tuesday. Finally, UBS Group reiterated a "neutral" rating and issued a $1.05 price objective (down from $1.50) on shares of Coherus BioSciences in a report on Thursday, April 24th.

About Coherus BioSciences

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.