Coherus Oncology shares surge 28.94% after hours after Oppenheimer initiates outperform rating and $10 price target.

Coherus Oncology (NASDAQ:CHRS) surged 28.94% in after-hours trading following Oppenheimer’s initiation of coverage with an “Outperform” rating and a $10 price target, implying over 500% upside from its recent closing price. The firm highlighted the company’s anti-CCR8 antibody tagmokitug, in phase 2 trials for colorectal cancer, and its approved PD-1 inhibitor Loqtorzi, which enables efficient development of combination therapies. Analyst Jay Olson emphasized Coherus’s unique position as a small-cap oncology company with an approved backbone therapy, competitive advantages in advancing its pipeline, and potential peak risk-adjusted revenue of $1.4 billion. The analyst also cited validation from large pharmaceutical companies investing in similar programs and highlighted the early-stage anti-IL-27 antibody casdozokitug as a high-potential opportunity. The move reflects strong investor confidence in Coherus’s clinical milestones and strategic growth prospects.