CHRS - A Coherent Strategy to Unlock Anti-Tumor Immunity Through Treg Depletion: Initiating Coverage of Coherus Oncology with a BUY Rating and $12 PT

Research evidence excerpt

CHRS - A Coherent Strategy to Unlock Anti-Tumor Immunity Through Treg Depletion: Initiating Coverage of Coherus Oncology with a BUY Rating and $12 PT

Biotechnology May 11, 2026

Paul Jeng, Ph.D.

paul.jeng@guggenheimpartners.com CHRS - A Coherent Strategy to Unlock Anti-Tumor Immunity Through Treg

617 859 4618 Depletion: Initiating Coverage of Coherus Oncology with a BUY Rating and $12 Michael Schmidt, Ph.D.

michael.schmidt@guggenheimpartners.com PT

617 859 4636

Key Message: We are initiating coverage of Coherus Oncology, Inc. (CHRS) with a BUY rating and $12 price target. Coherus is

a commercial Biotech that recently completed a strategic transformation from a biosimilars platform to a pure-play immuno-oncology

company developing next-gen immunotherapies that target the tumor microenvironment, including its anti-CCR8 mAb tagmokitugCHRS BUY (CHS-114). Our investment thesis on Coherus is predicated on our bullish view on CCR8 as a mechanism for achieving tumor-selective Coherus Oncology, Inc.

Treg depletion, which is highly complementary to existing I-O approaches (e.g., PD-(L)-1, TCE bsAbs) across a spectrum of solid Sector: Biotechnology

tumors. Tagmokitug has been engineered with potential best-in-class characteristics and is currently in broad Phase 1 development

Initiating Coverage within PD-1/TCE combos across five indications (HNSCC, GC, ESCC, CRC, mCRPC) that collectively represent a US TAM exceeding

$8Bn in mostly 2L+ settings. Beyond tagmo, the company is evaluating a novel IL-27 antagonist casdozokitug as a triplet with PD-1/ Share Price $1.75

VEGF in Phase 2 for 1L HCC (~$1.5Bn US TAM), which provides an additional shot on goal for an indication where I-O regimens Price Target $12.00

have been thoroughly validated.