Coherus Biosciences (NASDAQ:CHRS) has reached a clinical supply agreement with Johnson & Johnson (NYSE:JNJ) to support a Phase 1b trial that will assess the combination of JNJ’s pasritamig and Coherus’s anti-CCR8 antibody tagmokitug in patients with metastatic castration-resistant prostate cancer (mCRPC).
Industry coverage reacted positively to the deal. Oppenheimer reiterated an Outperform rating on Coherus and maintained a $10.00 price target, viewing the collaboration as additional validation from a major pharmaceutical company for the CCR8 target. That assessment aligns with analyst consensus data aggregated by InvestingPro, which registers a ‘‘Strong Buy’’ consensus and a range of price targets stretching from $4 to $10.
Oppenheimer characterized the pasritamig-tagmokitug pairing as mechanistically complementary and potentially meaningful in a disease that has historically been difficult to treat. The bank pointed to Coherus’s positioning as one of the limited companies pursuing combination strategies involving T-cell engagers (TCEs), noting that the company expects multiple datasets from PD-1 combination studies this year.
Analysts also highlighted Coherus management’s efforts to compress clinical development costs for tagmokitug by leveraging the company’s in-licensed PD-1 backbone, Loqtorzi, alongside the now-supplied TCE. Oppenheimer flagged multiple potential value-driving data catalysts anticipated in 2026 tied to the program.
Balance-sheet metrics included in InvestingPro’s data point to Coherus holding more cash than debt and trading at a trailing P/E of 4.2. Oppenheimer and the InvestingPro snapshot suggest the market may not be fully pricing in the company’s pipeline potential given those valuation and liquidity indicators.
Separate corporate-finance activity at Coherus surfaced in a regulatory filing: the company filed a prospectus supplement for its existing Sales Agreement with TD Cowen that would allow Coherus to offer up to $64.9 million of common stock. That capital-markets path runs in parallel to the firm’s clinical development plans and was reported alongside Oppenheimer’s coverage remarks, which elsewhere in the reporting were also noted as initiating coverage with an Outperform rating and the same $10 price target.
On the scientific front, Coherus published research on tagmokitug in the journal Molecular Cancer Therapeutics. The paper described the antibody as highly selective and capable of effectively targeting CCR8-positive regulatory T cells, supporting its potential as an anticancer agent when combined with complementary immune-modulating therapies.
Finally, personnel movement in the sector was reported: SpyGlass Pharma appointed Jean-Frédéric Viret as its Chief Financial Officer. Viret’s résumé includes prior service as CFO at Coherus Biosciences among other roles in life sciences finance.
Context and implications
The supply agreement with a major pharmaceutical company provides an external validation point for Coherus’s CCR8-focused program and could accelerate clinical testing timelines by ensuring access to the TCE required for combination dosing. From a corporate-finance standpoint, the prospectus supplement to raise up to $64.9 million introduces an available funding lever that could support ongoing trials and anticipate future data readouts.
Oppenheimer’s reiteration of an Outperform rating and $10 target, together with InvestingPro’s consensus, frames a favorable analyst view; however, market pricing reflected in the low P/E ratio suggests investor skepticism remains about near-term commercialization prospects or risk-adjusted pipeline value.