Bank of New York Mellon Corp boosted its position in Coherus BioSciences Inc. (NASDAQ:CHRS) by 36.2% during the second quarter, Holdings Channel reports. The fund owned 137,857 shares of the company’s stock after buying an additional 36,650 shares during the period. Bank of New York Mellon Corp owned 0.35% of Coherus BioSciences worth $2,328,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of CHRS. Teachers Advisors Inc. boosted its stake in shares of Coherus BioSciences by 6.0% in the first quarter. Teachers Advisors Inc. now owns 134,302 shares of the company’s stock worth $2,851,000 after buying an additional 7,634 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Coherus BioSciences by 3.0% in the first quarter. BlackRock Fund Advisors now owns 1,120,135 shares of the company’s stock worth $23,780,000 after buying an additional 33,124 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Coherus BioSciences by 28.2% in the first quarter. JPMorgan Chase & Co. now owns 2,122,551 shares of the company’s stock worth $45,062,000 after buying an additional 466,388 shares in the last quarter. AXA bought a new position in Coherus BioSciences during the first quarter worth $9,528,000. Finally, Geode Capital Management LLC boosted its position in Coherus BioSciences by 9.6% in the first quarter. Geode Capital Management LLC now owns 101,713 shares of the company’s stock worth $2,159,000 after buying an additional 8,935 shares in the last quarter. Institutional investors and hedge funds own 58.37% of the company’s stock.
Shares of Coherus BioSciences Inc. (NASDAQ:CHRS) traded up 0.67% during trading on Tuesday, hitting $25.62. The company’s stock had a trading volume of 241,498 shares. The company’s market capitalization is $1.11 billion. Coherus BioSciences Inc. has a 1-year low of $12.04 and a 1-year high of $31.98. The firm’s 50 day moving average is $29.76 and its 200-day moving average is $22.83.
Coherus BioSciences (NASDAQ:CHRS) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($1.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.32) by $0.40. The business earned $14.07 million during the quarter, compared to analysts’ expectations of $6.87 million. Coherus BioSciences had a negative return on equity of 1,583.92% and a negative net margin of 591.61%. Analysts forecast that Coherus BioSciences Inc. will post ($6.19) EPS for the current fiscal year.
CHRS has been the subject of a number of analyst reports. Zacks Investment Research upgraded Coherus BioSciences from a “sell” rating to a “hold” rating in a report on Tuesday, July 12th. Citigroup Inc. initiated coverage on Coherus BioSciences in a report on Wednesday, July 27th. They issued a “buy” rating and a $36.00 price target for the company. Barclays PLC restated a “buy” rating and issued a $46.00 price target on shares of Coherus BioSciences in a report on Thursday, August 11th. Maxim Group initiated coverage on Coherus BioSciences in a report on Wednesday, September 7th. They issued a “buy” rating and a $43.00 price target for the company. Finally, Credit Suisse Group AG set a $38.00 price target on Coherus BioSciences and gave the stock a “buy” rating in a report on Saturday, September 17th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $36.50.
In related news, insider Dennis M. Lanfear sold 2,900 shares of the stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $31.79, for a total value of $92,191.00. Following the completion of the sale, the insider now directly owns 71,635 shares of the company’s stock, valued at approximately $2,277,276.65. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Peter K. Watler sold 43,495 shares of the stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $20.02, for a total value of $870,769.90. The disclosure for this sale can be found here. 32.88% of the stock is owned by corporate insiders.
About Coherus BioSciences
Coherus BioSciences, Inc is a late-stage clinical biologics platform company. The Company is focused on the global biosimilar market. The Company operates through developing and commercializing biosimilar products segment. Its business is organized around therapeutic franchises, including Oncology biosimilar candidates pegfilgrastim (Neulasta), in late clinical-stage, and bevacizumab (Avastin), in preclinical-stage; Immunology (Anti-TNF) biosimilar candidates, etanercept (Enbrel) and adalimumab (Humira), which are both in late clinical-stage; Ophthalmology biosimilar candidate ranibizumab (Lucentis) in preclinical stage, and Multiple sclerosis small molecule therapeutic candidate, CHS-131 (formerly INT-131), in Phase II proof-of-concept trial.
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