Coherus Oncology shares surge 18.87% premarket after Oppenheimer initiates Outperform rating and ATM offering.

Coherus Oncology surged 18.87% in premarket trading following Oppenheimer’s initiation of coverage with an Outperform rating and a $10 price target, alongside the company’s announcement of an at-the-market equity offering to raise up to $64.88 million. The move reflects investor optimism about Coherus’s oncology pipeline, particularly its PD-1 inhibitor Loqtorzi and anti-CCR8 antibody tagmokitug, which are positioned as key differentiators in immuno-oncology. The capital raise is expected to fund clinical trials and combination studies, though concerns about dilution risks remain. The stock’s sharp rise aligns with expectations of near-term clinical catalysts and renewed focus on its oncology platform after divesting its biosimilar business.