Coherus BioSciences (NASDAQ:CHRS) Shares Gap Down After Earnings Miss

Posted by Defense World Staff on Mar 8th, 2023

Coherus BioSciences, Inc. (NASDAQ:CHRS – Get Rating) shares gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $6.77, but opened at $6.53. Coherus BioSciences shares last traded at $6.84, with a volume of 102,804 shares trading hands.

The biotechnology company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.12). The business had revenue of $45.35 million during the quarter, compared to the consensus estimate of $45.72 million. Coherus BioSciences had a negative net margin of 116.54% and a negative return on equity of 422.10%. During the same period in the previous year, the firm earned ($0.60) EPS.

Analyst Ratings Changes

A number of analysts recently weighed in on CHRS shares. Mizuho lowered their target price on shares of Coherus BioSciences from $28.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, November 16th. Maxim Group decreased their price objective on shares of Coherus BioSciences to $15.00 in a research note on Thursday, November 17th. HC Wainwright decreased their price objective on shares of Coherus BioSciences from $30.00 to $26.00 in a research note on Tuesday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Coherus BioSciences from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, November 14th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Coherus BioSciences has a consensus rating of “Hold” and an average price target of $15.83.

Institutional Trading of Coherus BioSciences

Several hedge funds have recently modified their holdings of CHRS. State Street Corp grew its stake in shares of Coherus BioSciences by 35.1% during the first quarter. State Street Corp now owns 5,164,152 shares of the biotechnology company’s stock valued at $66,669,000 after purchasing an additional 1,343,032 shares during the last quarter. Disciplined Growth Investors Inc. MN grew its stake in shares of Coherus BioSciences by 360.2% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,132,096 shares of the biotechnology company’s stock valued at $10,879,000 after purchasing an additional 886,075 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Coherus BioSciences by 7.6% during the third quarter. Alliancebernstein L.P. now owns 6,106,861 shares of the biotechnology company’s stock valued at $58,687,000 after purchasing an additional 431,412 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Coherus BioSciences by 1,890.4% during the third quarter. Two Sigma Investments LP now owns 369,783 shares of the biotechnology company’s stock valued at $3,554,000 after purchasing an additional 351,205 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Coherus BioSciences by 7.1% during the third quarter. Vanguard Group Inc. now owns 5,228,701 shares of the biotechnology company’s stock valued at $50,248,000 after purchasing an additional 345,286 shares during the last quarter. 99.45% of the stock is owned by institutional investors.

Coherus BioSciences Price Performance

The company’s 50 day moving average price is $8.28 and its 200 day moving average price is $8.54. The firm has a market capitalization of $567.79 million, a P/E ratio of -2.03 and a beta of 0.92.

About Coherus BioSciences

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Coherus BioSciences, Inc is a commercial-stage biopharmaceutical company, which engages in the development and commercialization of biosimilar therapeutics. Its products include UDENYCA and Coherus COMPLETE. The company was founded by Dennis M. Lanfear, Stuart E. Builder, Dr. Alan Herman, Doug Farrar and Steve Glover in September 2010 and is headquartered in Redwood City, CA.