Coherus BioSciences (NASDAQ:CHRS) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Coherus BioSciences, Inc. (NASDAQ:CHRS) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.28 and traded as high as $1.53. Coherus BioSciences shares last traded at $1.50, with a volume of 1,921,419 shares changing hands.

Analysts Set New Price Targets

Several brokerages recently issued reports on CHRS. Robert W. Baird boosted their price target on Coherus BioSciences from $4.00 to $6.00 and gave the company an “outperform” rating in a research report on Thursday, December 5th. StockNews.com cut Coherus BioSciences from a “buy” rating to a “hold” rating in a research report on Saturday, October 19th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Coherus BioSciences in a research report on Wednesday, December 4th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $5.38.

Coherus BioSciences Stock Performance

The company has a 50-day simple moving average of $1.17 and a 200-day simple moving average of $1.28. The company has a market cap of $172.82 million, a price-to-earnings ratio of -18.75 and a beta of 0.86.

Hedge Funds Weigh In On Coherus BioSciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHRS. Bank of New York Mellon Corp increased its position in Coherus BioSciences by 26.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 389,225 shares of the biotechnology company’s stock worth $673,000 after purchasing an additional 80,222 shares during the period. Rhumbline Advisers boosted its stake in shares of Coherus BioSciences by 19.5% during the 2nd quarter. Rhumbline Advisers now owns 154,904 shares of the biotechnology company’s stock worth $268,000 after acquiring an additional 25,241 shares in the last quarter. TIAA Trust National Association purchased a new stake in shares of Coherus BioSciences during the 2nd quarter worth approximately $47,000. CM Management LLC boosted its stake in shares of Coherus BioSciences by 10.0% during the 2nd quarter. CM Management LLC now owns 1,100,000 shares of the biotechnology company’s stock worth $1,903,000 after acquiring an additional 100,000 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in shares of Coherus BioSciences by 6.8% during the 2nd quarter. Los Angeles Capital Management LLC now owns 209,460 shares of the biotechnology company’s stock worth $362,000 after acquiring an additional 13,250 shares in the last quarter. Institutional investors and hedge funds own 72.82% of the company’s stock.

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.