Coherus BioSciences, Inc. (NASDAQ:CHRS) Sees Large Increase in Short Interest

Coherus BioSciences, Inc. (NASDAQ:CHRS) was the target of a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 27,960,000 shares, an increase of 11.4% from the September 15th total of 25,090,000 shares. Based on an average daily trading volume, of 2,150,000 shares, the days-to-cover ratio is currently 13.0 days.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $12.00 price target on shares of Coherus BioSciences in a research report on Monday, September 16th. UBS Group downgraded shares of Coherus BioSciences from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $4.00 to $1.50 in a research report on Friday, August 16th. StockNews.com raised shares of Coherus BioSciences from a “hold” rating to a “buy” rating in a research report on Friday, October 11th. Finally, Robert W. Baird cut their price target on Coherus BioSciences from $9.00 to $8.00 and set an “outperform” rating for the company in a research note on Monday, July 1st. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.10.

Coherus BioSciences Stock Down 2.6 %

Coherus BioSciences stock traded down $0.02 during midday trading on Thursday, hitting $0.86. 2,248,926 shares of the stock were exchanged, compared to its average volume of 2,668,879. Coherus BioSciences has a 52-week low of $0.85 and a 52-week high of $3.73. The business’s 50-day moving average price is $1.21 and its 200-day moving average price is $1.63. The stock has a market capitalization of $99.04 million, a price-to-earnings ratio of -1.10 and a beta of 0.65.

Coherus BioSciences (NASDAQ:CHRS) last released its earnings results on Thursday, August 8th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.10. The business had revenue of $64.98 million during the quarter, compared to the consensus estimate of $57.08 million. On average, sell-side analysts predict that Coherus BioSciences will post -1.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Coherus BioSciences

A number of hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its position in Coherus BioSciences by 32.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 30,851 shares of the biotechnology company’s stock worth $74,000 after acquiring an additional 7,608 shares during the period. China Universal Asset Management Co. Ltd. raised its holdings in shares of Coherus BioSciences by 66.4% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 21,426 shares of the biotechnology company’s stock worth $51,000 after purchasing an additional 8,546 shares during the period. Hsbc Holdings PLC lifted its stake in Coherus BioSciences by 10.6% in the second quarter. Hsbc Holdings PLC now owns 103,183 shares of the biotechnology company’s stock valued at $179,000 after purchasing an additional 9,905 shares during the last quarter. Los Angeles Capital Management LLC increased its position in Coherus BioSciences by 6.8% in the second quarter. Los Angeles Capital Management LLC now owns 209,460 shares of the biotechnology company’s stock worth $362,000 after buying an additional 13,250 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Coherus BioSciences by 2,672.8% in the second quarter. Nisa Investment Advisors LLC now owns 20,657 shares of the biotechnology company’s stock valued at $36,000 after buying an additional 19,912 shares during the period. 72.82% of the stock is currently owned by institutional investors.

About Coherus BioSciences

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.