September 26, 2023
Coherus BioSciences Receives “Buy” Rating from HC Wainwright
On Tuesday, stock analysts at HC Wainwright reaffirmed their “buy” rating for Coherus BioSciences (NASDAQ:CHRS), according to a research report published by Benzinga. The report also stated that HC Wainwright has set a target price of $20.00 for the biotechnology company’s stock. This target price suggests a potential upside of 393.83% from the current price of the stock.
Shares of CHRS opened at $4.05 on Tuesday. The company’s 50-day simple moving average is $4.71, and its 200-day simple moving average is $5.40. Over the past year, Coherus BioSciences has had a low of $3.60 and a high of $10.99 in terms of its stock price. Currently, the company holds a market capitalization of $382.60 million, with a PE ratio of -1.22 and a beta of 0.88.
Coherus BioSciences, Inc., primarily focused on the biosimilar and immuno-oncology market in the United States, is a biopharmaceutical company that offers products such as UDENYCA, which is a biosimilar to Neulasta – a long-acting granulocyte-colony stimulating factor; and CIMERLI, which serves as an interchangeably biosimilar product with Lucentis for treating neovascular age-related macular degeneration, macular edema following retinal vein occlusion, diabetic macular edema, diabetic retinopathy, and myopic choroidal neovascularization within the US.
In their most recent quarterly earnings announcement on August 2nd, Coherus BioSciences reported an EPS (earnings per share) of ($0.49) for the quarter, surpassing analysts’ consensus estimates of ($0.66) by $0.17. Additionally, the company generated $58.72 million in revenue during the quarter, exceeding analyst estimates of $50.83 million.
Sell-side analysts predict that Coherus BioSciences will record earnings per share of -1.97 for the current year.
Overall, with a “buy” rating and a target price suggesting significant upside potential, Coherus BioSciences continues to generate positive interest among investors in the biotechnology industry. As always, it is important for investors to conduct their own research and analysis before making any investment decisions.
Reference:
Benzinga (September 26, 2023). ‘Coherus BioSciences Receives “Buy” Rating from HC Wainwright’. Retrieved from [insert URL]
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Contrasting Analyst Ratings and Hedge Fund Position Changes Create Uncertainty for Coherus BioSciences
September 26, 2023 – Coherus BioSciences Receives Mixed Ratings and Witnessed Hedge Fund Position Changes
Coherus BioSciences, a prominent biotechnology company, has recently received various ratings from analysts, leaving investors perplexed about the future of the company. StockNews.com initiated coverage on Coherus BioSciences with a “hold” rating on August 17th. Truist Financial, on the other hand, lowered their price target for the company from $22.00 to $20.00 but maintained a “buy” rating in their report released on July 14th. Additionally, Citigroup began covering shares of Coherus BioSciences with a “buy” rating and set a price objective of $12.00 on July 24th.
The contrasting opinions from analysts have resulted in two hold ratings and six buy ratings given to Coherus BioSciences as per data from Bloomberg. The average rating for the company is classified as a “Moderate Buy,” with an average price target of $14.63.
Meanwhile, several hedge funds have made recent adjustments to their positions in relation to Coherus BioSciences. Eagle Bay Advisors LLC experienced significant growth in its holdings by 136.1% during the second quarter, accumulating an additional 2,243 shares, bringing its total ownership to 3,891 shares valued at approximately $28,000.
Captrust Financial Advisors also witnessed a drastic increase of 1,461.0% in its stake during the first quarter by acquiring an additional 2,250 shares. Their total holdings now amount to 2,404 shares worth around $31,000.
Federated Hermes Inc., another institutional investor, raised its stake by 55% during the third quarter by acquiring an extra 1,498 shares. Their total ownership stands at 4,223 shares valued at approximately $41,000.
Boothbay Fund Management LLC and Dark Forest Capital Management LP also became part of the institutional investors landscape for Coherus BioSciences. While Boothbay Fund Management LLC purchased new shares worth $64,000 in the second quarter, Dark Forest Capital Management LP acquired a new position valued at approximately $66,000 during the first quarter.
Institutional investors and hedge funds currently own a significant portion of Coherus BioSciences’ stock, representing 91.86% of the company’s total shares.
These recent adjustments in positions by hedge funds, coupled with the divergent ratings from analysts, have led to an air of uncertainty surrounding Coherus BioSciences. Investors are urged to remain vigilant with regard to their investment decisions as more information becomes available regarding the future prospects and performance of the biotechnology company.
