Mizuho Begins Coverage on Coherus Biosciences (NASDAQ:CHRS)

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Mizuho assumed coverage on shares of Coherus Biosciences (NASDAQ:CHRS) in a research note issued to investors on Tuesday, BenzingaRatingsTable reports. The brokerage issued a buy rating and a $43.00 price target on the biotechnology company’s stock.

CHRS has been the subject of several other research reports. Robert W. Baird set a $28.00 price target on Coherus Biosciences and gave the stock a buy rating in a report on Wednesday, June 19th. Barclays set a $30.00 price objective on Coherus Biosciences and gave the company a buy rating in a research note on Friday, June 21st. BidaskClub downgraded Coherus Biosciences from a buy rating to a hold rating in a research note on Friday, July 19th. ValuEngine downgraded Coherus Biosciences from a buy rating to a hold rating in a research note on Wednesday, July 17th. Finally, HC Wainwright restated a buy rating and issued a $29.00 price objective (up previously from $28.00) on shares of Coherus Biosciences in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $31.38.

Shares of Coherus Biosciences stock opened at $18.51 on Tuesday. The stock has a fifty day simple moving average of $19.37 and a 200 day simple moving average of $16.90. Coherus Biosciences has a 12-month low of $8.32 and a 12-month high of $23.43. The company has a market capitalization of $1.35 billion, a P/E ratio of -5.75 and a beta of 3.10.

Coherus Biosciences (NASDAQ:CHRS) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.40. The company had revenue of $83.43 million for the quarter, compared to the consensus estimate of $81.05 million. On average, sell-side analysts anticipate that Coherus Biosciences will post 0.89 EPS for the current fiscal year.

In related news, COO Vincent R. Anicetti sold 2,500 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $19.20, for a total transaction of $48,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Jean-Frederic Viret sold 6,826 shares of the stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $19.85, for a total value of $135,496.10. The disclosure for this sale can be found here. Insiders have sold a total of 1,176,724 shares of company stock valued at $25,365,332 in the last quarter. 18.20% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Rock Springs Capital Management LP raised its holdings in shares of Coherus Biosciences by 180.6% in the 2nd quarter. Rock Springs Capital Management LP now owns 1,880,000 shares of the biotechnology company’s stock valued at $41,548,000 after acquiring an additional 1,210,000 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of Coherus Biosciences in the 2nd quarter valued at about $25,695,000. BlackRock Inc. raised its holdings in shares of Coherus Biosciences by 10.6% in the 2nd quarter. BlackRock Inc. now owns 5,037,431 shares of the biotechnology company’s stock valued at $111,327,000 after acquiring an additional 483,541 shares in the last quarter. C WorldWide Group Holding A S raised its holdings in shares of Coherus Biosciences by 241.9% in the 2nd quarter. C WorldWide Group Holding A S now owns 678,464 shares of the biotechnology company’s stock valued at $14,994,000 after acquiring an additional 480,000 shares in the last quarter. Finally, Sivik Global Healthcare LLC purchased a new stake in shares of Coherus Biosciences in the 1st quarter valued at about $3,069,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Coherus Biosciences (NASDAQ:CHRS)

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