Coherus BioSciences (CHRS) Stock Forecast & Price Target

Coherus Oncology is supported by a rare combination of already-commercialized PD-1 revenue and multiple pipeline shots on goal, led by Loqtorzi, the only FDA-approved and commercially available U.S. treatment for recurrent or metastatic NPC, with 2Q26 net sales of $13.6M and FY26 guidance of $57M-$62M. Its valuation looks compelling because management targets peak Loqtorzi revenue of $150-200M and the stock trades at roughly $179M market cap, or about 0.75x peak NPC sales, implying limited credit for the pipeline despite projected overall revenues near $660M by 2035. The bullish case is further strengthened by encouraging early tagmokitug and casdozokitug data, including 75% confirmed ORR in 1L ESCC at the October 14, 2026 cutoff, plus the prospect that Loqtorzi can serve as the PD-1 backbone across combination regimens and drive additional revenue beyond NPC.

Coherus Oncology is burdened by a high partner-payment structure that absorbs roughly a quarter of net sales, including a low-20% royalty, up to $380M in milestones, and a 5% revenue participation payment on U.S. Loqtorzi sales, which limits operating leverage even if sales grow. Its pipeline valuation also depends on uncertain clinical execution, with management acknowledging that early ORR may be modest, casdozo’s benefit may only appear in durability, and the evidence base remains interim, small, and largely single-arm, while competitors and regulatory hurdles add further risk. Financially, the company exited 2Q26 with $105.3M in cash and $37.2M of debt, then added a $55M senior secured term loan, leaving only about $9.8M of net cash at the end of 3Q26 and increasing reliance on future equity raises despite FY26 operating expenses of $170-175M.