Investors Buy Large Volume of Coherus Biosciences Put Options (NASDAQ:CHRS)

Coherus Biosciences Inc (NASDAQ:CHRS) was the target of unusually large options trading on Tuesday. Stock traders purchased 611 put options on the stock. This is an increase of approximately 1,075% compared to the typical volume of 52 put options.

A number of analysts have recently issued reports on the company. TheStreet upgraded Coherus Biosciences from a “d-” rating to a “c-” rating in a report on Thursday, November 7th. BidaskClub cut Coherus Biosciences from a “sell” rating to a “strong sell” rating in a report on Saturday. Zacks Investment Research upgraded Coherus Biosciences from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a report on Thursday, November 7th. Credit Suisse Group restated a “buy” rating and issued a $36.00 price target on shares of Coherus Biosciences in a report on Friday, November 8th. Finally, HC Wainwright restated a “buy” rating and issued a $29.00 price target on shares of Coherus Biosciences in a report on Monday, November 25th. Two equities research analysts have rated the stock with a sell rating and seven have given a buy rating to the company. Coherus Biosciences presently has an average rating of “Buy” and an average price target of $30.29.

In other news, CEO Dennis M. Lanfear sold 825,000 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $18.00, for a total transaction of $14,850,000.00. Following the completion of the sale, the chief executive officer now owns 125,017 shares in the company, valued at approximately $2,250,306. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Vincent R. Anicetti sold 2,500 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $18.69, for a total value of $46,725.00. The disclosure for this sale can be found here. Insiders have sold a total of 837,659 shares of company stock valued at $15,091,914 in the last ninety days. Corporate insiders own 18.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Jacobs Levy Equity Management Inc. grew its stake in shares of Coherus Biosciences by 45.5% in the second quarter. Jacobs Levy Equity Management Inc. now owns 137,591 shares of the biotechnology company’s stock worth $3,041,000 after purchasing an additional 43,005 shares in the last quarter. Cadence Capital Management LLC bought a new position in Coherus Biosciences during the third quarter valued at about $2,634,000. State Street Corp boosted its stake in Coherus Biosciences by 14.0% during the third quarter. State Street Corp now owns 2,783,839 shares of the biotechnology company’s stock valued at $56,401,000 after buying an additional 342,885 shares in the last quarter. Boston Advisors LLC boosted its stake in Coherus Biosciences by 61.1% during the third quarter. Boston Advisors LLC now owns 61,106 shares of the biotechnology company’s stock valued at $1,238,000 after buying an additional 23,179 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Coherus Biosciences by 472.7% during the third quarter. First Trust Advisors LP now owns 169,747 shares of the biotechnology company’s stock valued at $3,439,000 after buying an additional 140,107 shares in the last quarter. 98.62% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Coherus Biosciences stock traded up $0.04 on Wednesday, hitting $19.93. 126,978 shares of the company’s stock traded hands, compared to its average volume of 1,169,256. The company has a quick ratio of 3.25, a current ratio of 3.34 and a debt-to-equity ratio of 3.37. The stock has a market cap of $1.39 billion, a P/E ratio of -6.20 and a beta of 2.89. Coherus Biosciences has a 52-week low of $10.83 and a 52-week high of $23.91. The firm’s 50-day moving average is $18.13 and its 200 day moving average is $19.25.

Coherus Biosciences (NASDAQ:CHRS) last issued its earnings results on Wednesday, November 6th. The biotechnology company reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.27. The company had revenue of $111.68 million during the quarter, compared to analyst estimates of $93.58 million. Equities research analysts forecast that Coherus Biosciences will post 1.36 EPS for the current year.

Coherus Biosciences Company Profile

Coherus BioSciences, Inc, a commercial-stage biotherapeutics company, focuses on the biosimilar market worldwide. It markets UDENYCA, a long-acting granulocyte-colony stimulating factor, which stimulates production of granulocytes in order to promote the body's ability to fight infections. The company sells UDENYCA in the United States.

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