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 8.58% valued currently at $20.34 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 14.46 million Coherus Biosciences Inc (CHRS) shares trading Friday and a closing price of $3.33 on the day, the dollar volume was approximately $48.15 million. The shares have shown a negative half year performance of -22.01% and its price on 12/29/23 gained nearly 2.78%. Currently, there are 111.36M common shares owned by the public and among those 106.14M 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: 11 analysts who have offered their price forecasts for CHRS have a consensus price objective of $11.50. The analysts have set the share’s price value over the next 12 months at a high of $23.00 and a low of $4.00. The average price target is 71.04% above its recent price level and an upside to the estimated low will see the stock gain 16.75% over that period. But an upside of 85.52% 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 13 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 9 occasions, with total insider shares sold totaling 52,868 shares.
The top 3 mutual fund holders in Coherus Biosciences Inc are SPDR S&P Biotech ETF, Vanguard Total Stock Market ETF, and iShares Russell 2000 ETF. SPDR S&P Biotech ETF owns 7.7 million shares of the company’s stock, all valued at over $16.4 million. The company bought an additional 35895.0 shares recently to bring their total holdings to about 6.92% of the shares outstanding. iShares Russell 2000 ETF bought 1176.0 shares to bring its total holdings to over 2.39 million shares at a value of $5.09 million. iShares Russell 2000 ETF now owns shares totaling to 2.15% of the shares outstanding.
Shares of Coherus Biosciences Inc (NASDAQ: CHRS) opened at $3.31, up $0.07 from a prior closing price of $3.24. However, the script later moved the day high at 3.4100, up 2.78%. The company’s stock has a 5-day price change of 64.85% and -10.96% over the past three months. CHRS shares are trading -57.95% year to date (YTD), with the 12-month market performance down to -46.46% 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 5.74 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 47.93%, 36.79%, and -26.28% respectively.
Institutional ownership of Coherus Biosciences Inc (NASDAQ: CHRS) shares accounts for 86.17% of the company’s 111.36M shares outstanding. Mutual fund holders own 42.39%, while other institutional holders and individual stakeholders account for 43.85% and 19.82% respectively.
It has a market capitalization of $370.83M and a beta (3y monthly) value of 0.72. 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 14.48% over the week and 11.15% over the month.
Analysts forecast that Coherus Biosciences Inc (CHRS) will achieve an EPS of $Chord Energy Corporation for the current quarter, $166.23 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Carpenter Technology Corporatio while analysts give the company a high EPS estimate of $C.H. Robinson Worldwide, 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 46.58%, and 89.05% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Coherus Biosciences Inc (CHRS) as a “Strong Buy” at a consensus score of 1.73. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 3 of the 11 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.
