Coherus BioSciences, Inc. (NASDAQ:CHRS)’s share price shot up 8.9% on Tuesday following a better than expected earnings announcement. The stock traded as high as $15.15 and last traded at $13.50, with a volume of 2,027,673 shares trading hands. The stock had previously closed at $12.40.

The biotechnology company reported ($1.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.21. The company had revenue of $1.40 million during the quarter. Coherus BioSciences had a negative net margin of 76.85% and a negative return on equity of 827.65%.

A number of brokerages have weighed in on CHRS. J P Morgan Chase & Co reiterated an “overweight” rating and issued a $25.00 price objective (down previously from $32.00) on shares of Coherus BioSciences in a research report on Tuesday. BidaskClub downgraded shares of Coherus BioSciences from a “sell” rating to a “strong sell” rating in a research report on Saturday. Credit Suisse Group reiterated an “outperform” rating and issued a $24.00 price objective (down previously from $38.00) on shares of Coherus BioSciences in a research report on Wednesday, June 14th. ValuEngine downgraded shares of Coherus BioSciences from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. Finally, Citigroup Inc. decreased their price objective on shares of Coherus BioSciences from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. Coherus BioSciences currently has an average rating of “Buy” and a consensus price target of $35.90.

Several hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its stake in Coherus BioSciences by 32.7% in the second quarter. SG Americas Securities LLC now owns 7,244 shares of the biotechnology company’s stock worth $104,000 after buying an additional 1,785 shares in the last quarter. Legal & General Group Plc boosted its stake in Coherus BioSciences by 15.9% in the first quarter. Legal & General Group Plc now owns 8,295 shares of the biotechnology company’s stock worth $173,000 after buying an additional 1,137 shares in the last quarter. BlueCrest Capital Management Ltd bought a new stake in Coherus BioSciences during the first quarter worth approximately $246,000. State Board of Administration of Florida Retirement System boosted its stake in Coherus BioSciences by 0.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 14,589 shares of the biotechnology company’s stock worth $411,000 after buying an additional 130 shares in the last quarter. Finally, Trexquant Investment LP bought a new stake in Coherus BioSciences during the first quarter worth approximately $319,000. 72.07% of the stock is owned by institutional investors and hedge funds.

The company’s market capitalization is $692.39 million. The company has a 50 day moving average price of $14.04 and a 200-day moving average price of $20.08.

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About Coherus BioSciences

Coherus BioSciences, Inc is a late-stage clinical biologics platform company. The Company is engaged in the business of developing and commercializing biosimilar products. The Company’s business is organized around therapeutic franchises, including Oncology biosimilar candidates pegfilgrastim (Neulasta) and bevacizumab (Avastin); Immunology (Anti-TNF) biosimilar candidates etanercept (Enbrel) and adalimumab (Humira); Ophthalmology biosimilar candidate ranibizumab (Lucentis), and Multiple sclerosis small molecule therapeutic candidate, CHS-131.

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