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

Coherus BioSciences, Inc. (NASDAQ:CHRS) was the recipient of a large increase in short interest in 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 short-interest ratio is currently 13.0 days.

Coherus BioSciences Stock Performance

Shares of CHRS stock traded down $0.03 during mid-day trading on Thursday, reaching $0.86. 316,258 shares of the company’s stock traded hands, compared to its average volume of 2,660,054. Coherus BioSciences has a 12 month low of $0.86 and a 12 month high of $3.73. The firm has a 50 day moving average price of $1.21 and a two-hundred day moving average price of $1.63. The firm has a market capitalization of $98.66 million, a PE ratio of -1.14 and a beta of 0.65.

Coherus BioSciences (NASDAQ:CHRS) last issued its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.10. The company had revenue of $64.98 million during the quarter, compared to analysts’ expectations of $57.08 million. As a group, equities analysts expect that Coherus BioSciences will post -1.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CHRS shares. StockNews.com upgraded shares of Coherus BioSciences from a “hold” rating to a “buy” rating in a report on Friday, October 11th. UBS Group lowered Coherus BioSciences from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $4.00 to $1.50 in a research report on Friday, August 16th. HC Wainwright reissued a “buy” rating and issued a $12.00 target price on shares of Coherus BioSciences in a report on Monday, September 16th. Finally, Robert W. Baird reduced their price objective on shares of 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 equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Coherus BioSciences has a consensus rating of “Moderate Buy” and a consensus target price of $7.10.

Institutional Trading of Coherus BioSciences

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in Coherus BioSciences by 32.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,851 shares of the biotechnology company’s stock worth $74,000 after buying an additional 7,608 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in 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 in the last quarter. Hsbc Holdings PLC boosted its stake in Coherus BioSciences by 10.6% in the 2nd quarter. Hsbc Holdings PLC now owns 103,183 shares of the biotechnology company’s stock worth $179,000 after purchasing an additional 9,905 shares during the period. Los Angeles Capital Management LLC grew its holdings in Coherus BioSciences by 6.8% during the 2nd quarter. Los Angeles Capital Management LLC now owns 209,460 shares of the biotechnology company’s stock valued at $362,000 after buying an additional 13,250 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings 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 worth $36,000 after buying an additional 19,912 shares in the last quarter. 72.82% of the stock is owned by hedge funds and other 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.