Coherus Oncology Reports Quarterly Earnings, Surpasses EPS Forecasts
Coherus Oncology (NASDAQ:CHRS) announced its quarterly earnings on Thursday, reporting an earnings per share (EPS) of ($0.33). This figure exceeded analysts’ expectations, which had predicted an EPS of ($0.34), according to FiscalAI. The biotechnology firm generated $11.57 million in revenue for the quarter, although this fell short of the consensus estimate of $13.41 million.
Market Reaction and Stock Performance
Following the earnings report, Coherus Oncology’s stock experienced a decline of 10.1%, trading down $0.15 to reach $1.34 during midday trading on Friday. The trading volume for Coherus shares was approximately 2,920,956, significantly higher than the average volume of 1,037,423. The company’s market capitalization stands at $155.75 million, with a price-to-earnings (PE) ratio of 1.01 and a beta of 0.96. Current financial ratios indicate a current ratio of 1.44, a quick ratio of 1.43, and a debt-to-equity ratio of 0.31. Over the past year, Coherus shares have fluctuated between a low of $0.70 and a high of $2.43.
Analyst Updates and Recommendations
Several research firms have recently updated their ratings on Coherus Oncology. On September 4, 2023, Maxim Group upgraded the company from a “hold” to a “buy” rating, setting a price target of $4.00. Conversely, Weiss Ratings maintained a “sell (d)” rating in a report dated October 8, 2023. Currently, three analysts have given the stock a Buy rating, one has assigned a Hold rating, and one has issued a Sell rating. According to MarketBeat.com, the average rating for Coherus Oncology is “Hold,” with a consensus price target of $4.51.
Institutional Investor Activity
Recent changes in institutional holdings indicate a dynamic trading environment for Coherus Oncology. Acadian Asset Management LLC significantly increased its stake by 52,980.1% during the first quarter, now owning 196,927 shares valued at $158,000 after acquiring an additional 196,556 shares. Geode Capital Management LLC also boosted its position by 0.8%, holding 2,676,476 shares valued at $1,958,000 after acquiring an additional 20,976 shares during the last quarter. Additionally, XTX Topco Ltd increased its stake by 65.3%, now owning 91,739 shares worth $67,000. Hedge funds and institutional investors collectively own 72.82% of the company’s stock.
Coherus Oncology, a biopharmaceutical company based in the United States, is engaged in the research, development, and commercialization of cancer treatments. The company’s key products include UDENYCA, a biosimilar to Neulasta, and LOQTORZI, a novel PD-1 inhibitor. Additionally, Coherus is developing Casdozokitug, an investigational monoclonal antibody targeting interleukin 27.
As the company navigates its financial landscape, the upcoming quarters will be critical in determining its market position and growth potential in the highly competitive biotechnology sector.
