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Tuesday, May 30, 2023

Coherus Biosciences, Inc. (CHRS) Stock Steadily Rising in Premarket, Here’s Why

 Coherus Biosciences, Inc. (CHRS), a biopharmaceutical company, has gained an increase of 1.56% in premarket trading session. Consequently, CHRS stock is trading at $16.90 at the time of the writing. The increase could be attributed to the announcement of new employment inducement grants. On Thursday, CHRS closed the day at $16.64 after declining 3.20% during the regular trading session.

Why CHRS Increasing?

In the late hours of Thursday, CHRS announced that the compensation committee of the Company’s board of directors has granted the options to newly hired employees to purchase an aggregate of 367,000 shares of the company’s common stock with the per-share exercise price of $17.06. The offer had become effective from 13th December 2021. One of the Chief level executives was granted options to purchase 200,000 shares, while one Vice President level executive was granted options to purchase 45,000 shares. Eight of the non-officer employees were granted the option to purchase an aggregate of 122,000 shares.

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Q3 2021 Operational Results

In early November, CHRS released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated net revenue of $82.5 million during the quarter against $113.5 million for the same period of 2020. The total operating expenses for the three months were $115.2 million against $79.8 million for the same period of 2020. The net loss suffered by the company during the quarter was $38.5 million (or $0.49 per basic and diluted share) against the net income of $27.9 million (or $0.39 and $0.33 per basic and diluted share) for the same quarter of 2020.

Executive Commentary

Denny Lanfear, CEO of CHRS, while commenting on the results said that the company is making rapid progress towards its goals to diversify and grow its commercial product portfolio. The company would continue to prepare for a succession of anticipated new product launches in 2022 and 2023.

Future Outlook for CHRS Stock

During the last month, CHRS stock has declined more than 12%. However, analysts believe that the stock is in a good shape to attract potential investors. Hence, potential investors should keep a close eye on the performance of CHRS stock.

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