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Zacks Investment Research Lowers Coherus Biosciences (NASDAQ:CHRS) to Sell

Last updated on Wednesday, July 8, 2020 | 2020 MarketBeat

Coherus Biosciences (NASDAQ:CHRS) was downgraded by Zacks Investment Research from a "hold" rating to a "sell" rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, "Coherus Biosciences, Inc. is a biologics platform company developing biosimilar therapeutics. Its clinical stage pipeline consists of CHS-0214 in two Phase III clinical trials for the treatment of rheumatoid arthritis and psoriasis; CHS-1420 that has completed a Phase I study to treat psoriasis or rheumatoid arthritis; and CHS-1701 which has completed a Phase I study for the treatment of breast cancer patients. Coherus Biosciences, Inc. is headquartered in Redwood City, California. "

CHRS has been the subject of a number of other reports. HC Wainwright restated a "buy" rating and issued a $30.00 price objective on shares of Coherus Biosciences in a research report on Friday, May 8th. TheStreet upgraded shares of Coherus Biosciences from a "d+" rating to a "c-" rating in a research report on Friday, March 20th. BidaskClub lowered shares of Coherus Biosciences from a "sell" rating to a "strong sell" rating in a research report on Tuesday, June 16th. ValuEngine lowered shares of Coherus Biosciences from a "sell" rating to a "strong sell" rating in a research report on Wednesday. Finally, SunTrust Banks started coverage on shares of Coherus Biosciences in a research report on Friday, April 17th. They set a "buy" rating and a $26.00 target price for the company. Three analysts have rated the stock with a sell rating and seven have issued a buy rating to the company's stock. The company currently has a consensus rating of "Hold" and an average price target of $30.88.

NASDAQ:CHRS traded up $0.11 on Wednesday, reaching $18.00. 733,067 shares of the company's stock were exchanged, compared to its average volume of 1,522,071. The company has a debt-to-equity ratio of 1.21, a current ratio of 3.32 and a quick ratio of 3.18. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 9.18 and a beta of 2.10. Coherus Biosciences has a 52 week low of $10.86 and a 52 week high of $23.91. The stock has a fifty day simple moving average of $17.64 and a 200-day simple moving average of $17.76.

Coherus Biosciences (NASDAQ:CHRS) last issued its earnings results on Thursday, May 7th. The biotechnology company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.10. The firm had revenue of $116.18 million during the quarter, compared to analyst estimates of $116.25 million. Coherus Biosciences had a net margin of 33.42% and a return on equity of 190.82%. As a group, sell-side analysts predict that Coherus Biosciences will post 1.28 EPS for the current year.

In other Coherus Biosciences news, Director Mats Wahlstrom sold 200,000 shares of the business's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $17.15, for a total value of $3,430,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Vincent R. Anicetti sold 5,000 shares of the business's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $15.57, for a total value of $77,850.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 268,925 shares of company stock worth $4,627,867. 15.86% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. boosted its position in shares of Coherus Biosciences by 293.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,178,030 shares of the biotechnology company's stock valued at $39,215,000 after acquiring an additional 1,623,851 shares during the last quarter. Temasek Holdings Private Ltd boosted its holdings in Coherus Biosciences by 12.6% in the fourth quarter. Temasek Holdings Private Ltd now owns 7,381,116 shares of the biotechnology company's stock worth $132,897,000 after acquiring an additional 825,000 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Coherus Biosciences by 19.3% during the first quarter. JPMorgan Chase & Co. now owns 4,124,245 shares of the biotechnology company's stock worth $66,896,000 after purchasing an additional 666,775 shares during the period. Hawk Ridge Capital Management LP purchased a new position in Coherus Biosciences during the fourth quarter valued at approximately $11,821,000. Finally, Invesco Ltd. raised its position in Coherus Biosciences by 206.8% during the first quarter. Invesco Ltd. now owns 903,522 shares of the biotechnology company's stock valued at $14,654,000 after acquiring an additional 608,983 shares in the last quarter.

Coherus Biosciences Company Profile

Coherus BioSciences, Inc, a commercial-stage biotherapeutics company, focuses on the biosimilar market worldwide. It markets UDENYCA, a long-acting granulocyte-colony stimulating factor, which stimulates production of granulocytes in order to promote the body's ability to fight infections. The company sells UDENYCA in the United States.

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