BlackRock Inc. Takes $16.80 Million Position in Coherus Oncology, Inc. $CHRS

Key Points

• BlackRock acquired 12.0 million Coherus Oncology shares worth approximately $16.8 million, giving it a 7.78% stake. Overall, institutional investors own 72.82% of CHRS.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $11, despite one hold rating.
• CHRS opened at $1.37 after declining 3.5%; the company recently reported a quarterly loss of $0.19 per share, better than estimates, but revenue of $14.31 million fell slightly short of expectations.

BlackRock Inc. bought a new stake in shares of Coherus Oncology, Inc. (NASDAQ:CHRS - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 12,003,316 shares of the biotechnology company's stock, valued at approximately $16,805,000. BlackRock Inc. owned about 7.78% of Coherus Oncology as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of CHRS. Quarry LP bought a new position in Coherus Oncology during the 3rd quarter valued at about $26,000. Blair William & Co. IL purchased a new position in shares of Coherus Oncology during the fourth quarter valued at approximately $27,000. Kestra Private Wealth Services LLC bought a new position in shares of Coherus Oncology during the fourth quarter valued at approximately $28,000. ProShare Advisors LLC raised its holdings in shares of Coherus Oncology by 36.3% in the fourth quarter. ProShare Advisors LLC now owns 24,718 shares of the biotechnology company's stock worth $35,000 after buying an additional 6,583 shares during the period. Finally, Corient Private Wealth LLC raised its holdings in shares of Coherus Oncology by 20.0% in the second 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 during the period. 72.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CHRS has been the subject of a number of recent analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Coherus Oncology in a report on Friday, August 7th. Guggenheim assumed coverage on shares of Coherus Oncology in a research note on Monday, May 11th. They set a "buy" rating and a $12.00 target price for the company. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $11.00.

Coherus Oncology Trading Down 3.5%

CHRS opened at $1.37 on Friday. The company has a quick ratio of 1.70, a current ratio of 1.77 and a debt-to-equity ratio of 0.61. The stock's fifty day moving average is $1.40 and its two-hundred day moving average is $1.57. The company has a market capitalization of $211.67 million, a P/E ratio of -1.33 and a beta of 0.94. Coherus Oncology, Inc. has a 52 week low of $1.09 and a 52 week high of $2.62.

Coherus Oncology (NASDAQ:CHRS - Get Free Report) last issued its earnings results on Wednesday, August 5th. The biotechnology company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.25) by $0.06. The business had revenue of $14.31 million during the quarter, compared to analysts' expectations of $14.41 million. Coherus Oncology had a negative return on equity of 222.75% and a negative net margin of 259.41%. Analysts forecast that Coherus Oncology, Inc. will post -0.88 earnings per share for the current year.

Coherus Oncology Profile

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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