Here Is What Hedge Funds Think Of Coherus Biosciences Inc (CHRS)

We at Insider Monkey have gone over 700 13F filings that hedge funds and prominent investors are required to file by the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30. In this article we look at what those investors think of Coherus Biosciences Inc (NASDAQ:CHRS).

Coherus Biosciences Inc (NASDAQ:CHRS) investors should pay attention to a decrease in activity from the world’s largest hedge funds of late. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Rexford Industrial Realty Inc (NYSE:REXR), Zoe’s Kitchen Inc (NYSE:ZOES), and Cosan Limited (USA) (NYSE:CZZ) to gather more data points.

If you’d ask most investors, hedge funds are perceived as slow, outdated financial tools of yesteryear. While there are more than an 8000 funds trading today, Our researchers look at the bigwigs of this club, around 700 funds. These money managers control most of the smart money’s total asset base, and by observing their unrivaled equity investments, Insider Monkey has uncovered various investment strategies that have historically outstripped the market. Insider Monkey’s small-cap hedge fund strategy beat the S&P 500 index by 12 percentage points a year for a decade in their back tests.

Now, let’s review the key action encompassing Coherus Biosciences Inc (NASDAQ:CHRS).

Hedge fund activity in Coherus Biosciences Inc (NASDAQ:CHRS)

At the end of the third quarter, a total of 17 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -11% from the previous quarter. With hedgies’ capital changing hands, there exists a select group of key hedge fund managers who were upping their holdings significantly (or already accumulated large positions).

Of the funds tracked by Insider Monkey, Peter Kolchinsky’s RA Capital Management has the largest position in Coherus Biosciences Inc (NASDAQ:CHRS), worth close to $26.2 million, amounting to 3.8% of its total 13F portfolio. Sitting at the No. 2 spot is VHCP Management, managed by Anders Hove and Bong Koh, which holds a $17.4 million position; the fund has 4.5% of its 13F portfolio invested in the stock. Other peers that hold long positions contain Jason Karp’s Tourbillon Capital Partners, Bihua Chen’s Cormorant Asset Management and Christopher James’s Partner Fund Management.

Judging by the fact that Coherus Biosciences Inc (NASDAQ:CHRS) has faced a declination in interest from the aggregate hedge fund industry, it’s easy to see that there was a specific group of fund managers that slashed their full holdings heading into Q4. Intriguingly, Joseph Edelman’s Perceptive Advisors dumped the largest investment of all the hedgies monitored by Insider Monkey, worth about $7.5 million in stock. Jonathan Lourie and Stuart Fiertz’s fund, Cheyne Capital, also said goodbye to its stock, about $2.5 million worth. These bearish behaviors are interesting, as aggregate hedge fund interest fell by 2 funds heading into Q4.

Let’s go over hedge fund activity in other stocks similar to Coherus Biosciences Inc (NASDAQ:CHRS). We will take a look at Rexford Industrial Realty Inc (NYSE:REXR), Zoe’s Kitchen Inc (NYSE:ZOES), Cosan Limited (USA) (NYSE:CZZ), and ACCO Brands Corporation (NYSE:ACCO). This group of stocks’ market valuations resemble CHRS’s market valuation.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $74 million. That figure was $99 million in CHRS’s case. Cosan Limited (USA) (NYSE:CZZ) is the most popular stock in this table. On the other hand Rexford Industrial Realty Inc (NYSE:REXR) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks Coherus Biosciences Inc (NASDAQ:CHRS) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.