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

Coherus BioSciences, Inc. (NASDAQ:CHRS) saw a significant drop in short interest in November. As of November 30th, there was short interest totalling 30,720,000 shares, a drop of 7.0% from the November 15th total of 33,040,000 shares. Based on an average daily trading volume, of 5,120,000 shares, the short-interest ratio is presently 6.0 days.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CHRS. Nisa Investment Advisors LLC increased its position in Coherus BioSciences by 2,672.8% during the second quarter. Nisa Investment Advisors LLC now owns 20,657 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 19,912 shares during the last quarter. Systematic Financial Management LP purchased a new position in shares of Coherus BioSciences in the 3rd quarter worth $28,000. TIAA Trust National Association acquired a new position in Coherus BioSciences in the second quarter valued at $47,000. Price T Rowe Associates Inc. MD grew its position in Coherus BioSciences by 32.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 30,851 shares of the biotechnology company’s stock valued at $74,000 after acquiring an additional 7,608 shares during the period. Finally, Hsbc Holdings PLC increased its stake in Coherus BioSciences by 10.6% during the second quarter. Hsbc Holdings PLC now owns 103,183 shares of the biotechnology company’s stock worth $179,000 after acquiring an additional 9,905 shares during the last quarter. 72.82% of the stock is currently owned by hedge funds and other institutional investors.

Coherus BioSciences Stock Performance

Coherus BioSciences stock traded up $0.07 during trading on Monday, hitting $1.68. The company’s stock had a trading volume of 2,747,458 shares, compared to its average volume of 3,307,921. The stock’s fifty day moving average is $1.04 and its 200 day moving average is $1.30. Coherus BioSciences has a 1-year low of $0.66 and a 1-year high of $3.70. The stock has a market capitalization of $192.98 million, a price-to-earnings ratio of -20.13 and a beta of 0.86.

Wall Street Analyst Weigh In

CHRS has been the topic of several recent research reports. Robert W. Baird upped their price objective 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 lowered shares of Coherus BioSciences from a “buy” rating to a “hold” rating in a report on Saturday, October 19th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Coherus BioSciences in a report on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $5.38.

Coherus BioSciences Company Profile

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.