Typically, shares tend to rise following a positive earnings report as it indicates a company's good health. However, in this case, despite Coherus BioSciences reporting better-than-expected Q1 results, its shares are trading lower. This could be due to a variety of factors not mentioned in the article, such as market conditions, investor expectations not being met in other areas, or perhaps the good news was already priced in. The short-term impact is negative as the immediate reaction is a decline in share price.