Coherus Oncology tumbles on $50 mln stock sale

Coherus Oncology CHRS.O shares down 16.4% before the bell to $1.68 after overnight $50 mln follow-on priced

Redwood City, California-based CHRS late Thurs sold 28.6 mln shares at $1.75, which is 13% below last close

It intends to use net offering proceeds to support ongoing commercialization of LOQTORZI (toripalimab-tpzi), its FDA-approved immunotherapy to treat adults with recurrent or metastatic nasopharyngeal carcinoma, a rare type of head and neck cancer, and for clinical development of its product candidates

TD Cowen, Guggenheim and Oppenheimer joint bookrunners

Co has ~120.9 mln shares outstanding

Through Thurs, shares up ~42% YTD and have roughly doubled over the past six months

5 of 6 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $6, per LSEG data