$93.58 Million in Sales Expected for Coherus Biosciences Inc (NASDAQ:CHRS) This Quarter

Wall Street brokerages expect Coherus Biosciences Inc (NASDAQ:CHRS) to post $93.58 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Coherus Biosciences’ earnings, with estimates ranging from $91.30 million to $95.01 million. The company is scheduled to announce its next 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 financial year, analysts forecast that the business will post sales of $404.37 million, with estimates ranging from $387.10 million to $440.00 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that that provide coverage for Coherus Biosciences.

Coherus Biosciences (NASDAQ:CHRS) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.40. The business had revenue of $83.43 million for the quarter, compared to analyst estimates of $81.05 million.

Several analysts recently weighed in on the stock. BidaskClub cut shares of Coherus Biosciences from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Barclays set a $31.00 target price on shares of Coherus Biosciences and gave the company a “buy” rating in a report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $29.00 target price (up previously from $28.00) on shares of Coherus Biosciences in a report on Friday, August 2nd. Maxim Group reaffirmed a “buy” rating and issued a $27.00 target price (up previously from $25.00) on shares of Coherus Biosciences in a report on Friday, August 2nd. Finally, Mizuho assumed coverage on shares of Coherus Biosciences in a report on Tuesday. They issued a “buy” rating and a $43.00 target price on the stock. Two research 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 stock. Coherus Biosciences has a consensus rating of “Buy” and a consensus price target of $31.38.

NASDAQ:CHRS 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. The stock has a 50-day simple moving average of $19.37 and a two-hundred day simple moving average of $16.90. The company has a market capitalization of $1.30 billion, a PE ratio of -5.75 and a beta of 3.10. Coherus Biosciences has a twelve month low of $8.32 and a twelve month high of $23.43.

In other Coherus Biosciences news, Director James Healy sold 360,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $22.30, for a total transaction of $8,028,000.00. Following the sale, the director now owns 92 shares of the company’s stock, valued at $2,051.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Vincent R. Anicetti sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $19.20, for a total transaction of $48,000.00. 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 owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. HighTower Advisors LLC raised its holdings in Coherus Biosciences by 6.4% during the second quarter. HighTower Advisors LLC now owns 12,184 shares of the biotechnology company’s stock worth $268,000 after purchasing an additional 734 shares in the last quarter. Legal & General Group Plc raised its holdings in Coherus Biosciences by 12.3% during the fourth quarter. Legal & General Group Plc now owns 9,095 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 998 shares in the last quarter. Brown Advisory Inc. raised its holdings in Coherus Biosciences by 0.5% during the second quarter. Brown Advisory Inc. now owns 656,455 shares of the biotechnology company’s stock worth $14,508,000 after purchasing an additional 3,061 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in shares of Coherus Biosciences by 15.3% during the second quarter. State Board of Administration of Florida Retirement System now owns 25,485 shares of the biotechnology company’s stock worth $563,000 after acquiring an additional 3,390 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Coherus Biosciences during the second quarter worth approximately $75,000. 99.53% of the stock is currently owned by institutional investors.

About Coherus Biosciences

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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