The Vanguard Group, Inc. recently announced the acquisition of new stake in Coherus Biosciences Inc (NASDAQ:CHRS). The institutional investor has increased its shareholding in the Healthcare company by 4.89% to 9.55 million shares with purchase of 0.44 million shares. This fresh investment now brings its stake to 8.65% valued currently at $31.99 million. In addition, SSgA Funds Management, Inc. raised its holdings by 6.21 million to 8.79 million shares. And Morgan Stanley & Co. LLC has lifted its position by 8.49% or 0.24 million shares – to 3.11 million shares.
With over 3.83 million Coherus Biosciences Inc (CHRS) shares trading Tuesday and a closing price of $2.11 on the day, the dollar volume was approximately $8.08 million. The shares have shown a negative half year performance of -49.16% and its price on 11/28/23 gained nearly 8.76%. Currently, there are 111.36M common shares owned by the public and among those 106.18M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for CHRS have a consensus price objective of $10.63. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $4.00. The average price target is 80.13% above its recent price level and an upside to the estimated low will see the stock gain 47.25% over that period. But an upside of 85.93% will see the stock hit the forecast high price target while median target price for the stock is $11.50.
Insiders at the company have transacted a total of 14 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 4 of these insider trades were purchases, accounting for 178,750 shares. Insider sales of the common stock occurred on 10 occasions, with total insider shares sold totaling 56,868 shares.
The top 3 mutual fund holders in Coherus Biosciences Inc are SPDR S&P Biotech ETF, Vanguard Total Stock Market ETF, and JPMorgan Small Cap Growth Fund. SPDR S&P Biotech ETF owns 7.59 million shares of the company’s stock, all valued at over $25.44 million. The company bought an additional 45391.0 shares recently to bring their total holdings to about 6.87% of the shares outstanding. Vanguard Total Stock Market ETF bought 0.2 million shares to see its total holdings expand to 3.26 million shares valued at over $10.93 million and representing 2.96% of the shares outstanding. JPMorgan Small Cap Growth Fund now owns shares totaling to 2.17% of the shares outstanding.
Shares of Coherus Biosciences Inc (NASDAQ: CHRS) opened at $1.91, down -$0.03 from a prior closing price of $1.94. However, the script later moved the day high at 2.1550, up 8.76%. The company’s stock has a 5-day price change of 1.93% and -59.96% over the past three months. CHRS shares are trading -73.36% year to date (YTD), with the 12-month market performance down to -67.93% lower. It has a 12-month low price of $1.43 and touched a high of $10.99 over the same period. CHRS has an average intraday trading volume of 4.33 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -10.17%, -33.20%, and -58.22% respectively.
Institutional ownership of Coherus Biosciences Inc (NASDAQ: CHRS) shares accounts for 86.18% of the company’s 111.36M shares outstanding. Mutual fund holders own 42.04%, while other institutional holders and individual stakeholders account for 44.97% and 19.98% respectively.
It has a market capitalization of $234.97M and a beta (3y monthly) value of 0.66. The earnings-per-share (ttm) stands at -$2.61. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.82% over the week and 13.31% over the month.
Analysts forecast that Coherus Biosciences Inc (CHRS) will achieve an EPS of $Coherus BioSciences, Inc. for the current quarter, $2.11 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Chord Energy Corporation while analysts give the company a high EPS estimate of $Cheer Holding, Inc.. Comparatively, EPS for the current quarter was $Cerus Corporation a year ago. Earnings per share for the fiscal year are expected to increase by 43.99%, and 73.31% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate Coherus Biosciences Inc (CHRS) as a “Strong Buy” at a consensus score of 1.89. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 3 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CHRS, a number of firms have released research notes about the stock. Robert W. Baird stated their Outperform rating for the stock in a research note on November 17, 2023, with the firm’s price target at $11.
