CHRS - Why Coherus Biosciences Stock Tumbled on Thursday
2024-03-14 18:28:43 ET
The final set of results for Coherus Biosciences ' (NASDAQ: CHRS) 2023 was released after market hours on Wednesday, and investors reacted with displeasure the following day. They traded the stock down by more than 6% Thursday, a much steeper fall than the 0.6% dip of the S&P 500 index.
For the quarter, Coherus -- a busy commercial-stage biotech -- posted net revenue of $91.5 million, slightly more than double the $45.4 million it earned in the same period of 2022. A different dynamic was in force on the bottom line, where the company's non- GAAP (adjusted) net loss deepened to $68.9 million ($0.62 per share) from the year-ago deficit of $47.1 million.
Despite the big revenue bounce, Coherus's top line fell short of analyst expectations. Collectively, prognosticators following the stock were anticipating just under $96.9 million for the line item. They were also projecting far less red ink, with an average adjusted net loss estimate of $0.21 per share.
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Why Coherus Biosciences Stock Tumbled on Thursday