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

Coherus BioSciences, Inc. (NASDAQ:CHRS) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 27,960,000 shares, a growth of 11.4% from the September 15th total of 25,090,000 shares. Based on an average trading volume of 2,150,000 shares, the days-to-cover ratio is presently 13.0 days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets grew its stake in Coherus BioSciences by 694.2% in the 1st quarter. BNP Paribas Financial Markets now owns 346,157 shares of the biotechnology company’s stock worth $827,000 after buying an additional 302,570 shares in the last quarter. Nomura Holdings Inc. raised its position in Coherus BioSciences by 225.1% during the fourth quarter. Nomura Holdings Inc. now owns 68,300 shares of the biotechnology company’s stock valued at $227,000 after purchasing an additional 47,290 shares in the last quarter. Virtu Financial LLC bought a new stake in Coherus BioSciences during the first quarter worth about $94,000. AQR Capital Management LLC purchased a new position in shares of Coherus BioSciences in the 2nd quarter worth about $1,246,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Coherus BioSciences during the 1st quarter valued at about $108,000. Hedge funds and other institutional investors own 72.82% of the company’s stock.

Coherus BioSciences Price Performance

Shares of NASDAQ CHRS traded down $0.03 during trading on Thursday, reaching $0.86. 316,258 shares of the stock traded hands, compared to its average volume of 2,660,054. The stock has a market capitalization of $98.66 million, a P/E ratio of -1.14 and a beta of 0.65. Coherus BioSciences has a 52-week low of $0.86 and a 52-week high of $3.73. The company has a 50-day moving average of $1.21 and a 200-day moving average of $1.63.

Coherus BioSciences (NASDAQ:CHRS) last posted its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.10. The business had revenue of $64.98 million during the quarter, compared to the consensus estimate of $57.08 million. Analysts expect that Coherus BioSciences will post -1.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Robert W. Baird decreased their target price on Coherus BioSciences from $9.00 to $8.00 and set an “outperform” rating for the company in a research note on Monday, July 1st. UBS Group lowered shares of Coherus BioSciences from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $4.00 to $1.50 in a research note on Friday, August 16th. HC Wainwright reissued a “buy” rating and set a $12.00 target price on shares of Coherus BioSciences in a research note on Monday, September 16th. Finally, StockNews.com raised shares of Coherus BioSciences from a “hold” rating to a “buy” rating in a research note on Friday, October 11th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Coherus BioSciences presently has a consensus rating of “Moderate Buy” and an average target price of $7.10.

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.