Guggenheim initiated coverage of Coherus Oncology with a Buy rating and $12 price target. Coherus recently completed a transformation from a biosimilars platform to a pure-play immuno-oncology company developing next generation immunotherapies that target the tumor microenvironment, the analyst tells investors in a research note. The firm has a bullish view on CCR8 as a mechanism for achieving tumor-selective Treg depletion, which it believes is highly complementary to existing immuno-oncology approaches across a spectrum of solid tumors. Guggenheim sees a favorable risk/reward in the next 12 months for the shares with potential upside to $18, or 920%, and downside to $1, or 43%.
