Brokerages forecast that Coherus Biosciences Inc (NASDAQ:CHRS) will announce $93.58 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Coherus Biosciences’ earnings. The lowest sales estimate is $91.30 million and the highest is $95.01 million. The company is expected to issue its next quarterly earnings report on Thursday, November 14th.
According to Zacks, analysts expect that Coherus Biosciences will report full year sales of $323.86 million for the current year, with estimates ranging from $315.40 million to $340.00 million. For the next fiscal year, analysts anticipate that the company will post sales of $404.37 million, with estimates ranging from $387.10 million to $440.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Coherus Biosciences.
Coherus Biosciences (NASDAQ:CHRS) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $0.32 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.40. The firm had revenue of $83.43 million during the quarter, compared to analyst estimates of $81.05 million.
CHRS has been the topic of several research reports. ValuEngine lowered Coherus Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Mizuho initiated coverage on Coherus Biosciences in a research report on Tuesday. They issued a “buy” rating and a $43.00 target price on the stock. Maxim Group reaffirmed a “buy” rating and issued a $27.00 target price (up from $25.00) on shares of Coherus Biosciences in a research report on Friday, August 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 target price (up from $28.00) on shares of Coherus Biosciences in a research report on Friday, August 2nd. Finally, Robert W. Baird set a $28.00 target price on Coherus Biosciences and gave the stock a “buy” rating in a research report on Wednesday, June 19th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Coherus Biosciences presently has a consensus rating of “Buy” and a consensus price target of $31.38.
In other 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 document filed with the SEC, which is available at this link. Also, CEO Dennis M. Lanfear sold 32,398 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $19.49, for a total value of $631,437.02. Following the transaction, the chief executive officer now directly owns 125,017 shares in the company, valued at approximately $2,436,581.33. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,176,724 shares of company stock worth $25,365,332. 18.20% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in Coherus Biosciences by 10.6% during the 2nd quarter. BlackRock Inc. now owns 5,037,431 shares of the biotechnology company’s stock valued at $111,327,000 after purchasing an additional 483,541 shares during the period. Vanguard Group Inc. boosted its stake in Coherus Biosciences by 3.0% during the 2nd quarter. Vanguard Group Inc. now owns 2,958,583 shares of the biotechnology company’s stock valued at $65,384,000 after purchasing an additional 87,091 shares during the period. Deutsche Bank AG boosted its stake in Coherus Biosciences by 30.4% during the 4th quarter. Deutsche Bank AG now owns 2,382,438 shares of the biotechnology company’s stock valued at $21,559,000 after purchasing an additional 555,972 shares during the period. Rock Springs Capital Management LP boosted its stake in Coherus Biosciences by 180.6% during 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 purchasing an additional 1,210,000 shares during the period. Finally, Nuveen Asset Management LLC bought a new stake in Coherus Biosciences during the 2nd quarter valued at approximately $25,695,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.
CHRS stock traded down $0.08 during mid-day trading on Thursday, hitting $18.51. The stock had a trading volume of 556,900 shares, compared to its average volume of 934,485. Coherus Biosciences has a 1-year low of $8.32 and a 1-year high of $23.43. The company has a fifty day moving average of $19.37 and a 200 day moving average of $16.90. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -5.75 and a beta of 3.10.
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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