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

Point72 Asset Management L.P. bought a new position in Coherus BioSciences, Inc. (NASDAQ:CHRS - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and 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 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Millennium Management LLC increased its position in shares of Coherus BioSciences by 31.6% in the 4th quarter. Millennium Management LLC now owns 1,049,603 shares of the biotechnology company's stock worth $1,448,000 after purchasing an additional 252,092 shares during the last quarter. Northern Trust Corp increased its position in shares of Coherus BioSciences by 12.2% in the 4th quarter. Northern Trust Corp now owns 1,006,505 shares of the biotechnology company's stock worth $1,389,000 after purchasing an additional 109,770 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Coherus BioSciences in the 4th quarter worth about $52,000. MetLife Investment Management LLC bought a new stake in shares of Coherus BioSciences in the 4th quarter worth about $101,000. Finally, Bank of Montreal Can bought a new stake in shares of Coherus BioSciences in the 4th quarter worth about $34,000. Institutional investors own 72.82% of the company's stock.

Coherus BioSciences Trading Down 2.5%

Coherus BioSciences stock traded down $0.02 during midday trading on Friday, reaching $0.76. 1,200,430 shares of the stock traded hands, compared to its average volume of 2,720,371. The firm has a fifty day moving average price of $0.92 and a two-hundred day moving average price of $1.13. The firm has a market cap of $87.66 million, a price-to-earnings ratio of -9.45 and a beta of 1.01. Coherus BioSciences, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $2.43.

Coherus BioSciences (NASDAQ:CHRS - Get Free Report) last posted 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 business had revenue of $7.60 million for the quarter, compared to analysts' expectations of $59.79 million. During the same period last year, the firm earned ($0.32) earnings per share. Analysts anticipate that Coherus BioSciences, Inc. will post -1.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CHRS. Wall Street Zen downgraded shares of Coherus BioSciences from a "hold" rating to a "sell" rating in a research report on Tuesday, May 20th. HC Wainwright reaffirmed a "buy" rating and set a $7.00 price objective on shares of Coherus BioSciences in a research report on Tuesday, April 29th. Finally, UBS Group reaffirmed a "neutral" rating and set a $1.05 price objective (down previously from $1.50) on shares of Coherus BioSciences in a research report on Thursday, April 24th.

Coherus BioSciences Profile

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.