Corvus Pharmaceuticals (NASDAQ: CRVS) is a clinical-stage biopharmaceutical company based in South San Francisco, focusing on developing innovative therapies for immune-related diseases. Recently, Barclays maintained an "Overweight" rating for CRVS, with the stock priced at $21.44. Barclays also raised its price target from $16 to $28, as highlighted by TheFly.
Corvus announced a public offering of $150 million in common stock and pre-funded warrants. This offering includes a 30-day option for underwriters to purchase an additional $22.5 million in common stock. The proceeds will be used for working capital and corporate purposes. The offering's completion depends on market conditions.
CRVS stock more than doubled on January 20th, following positive Phase 1 trial data for soquelitinib, an investigational drug for atopic dermatitis. The trial showed strong efficacy and a favorable safety profile, suggesting soquelitinib's potential as a "best-in-class" treatment in dermatology. This news contributed to the stock's significant price increase.
The Phase 1 trial results for soquelitinib revealed that 75% of patients achieved EASI 75, 25% reached EASI 90, and 33% attained IGA 0/1 after an 8-week treatment. These outcomes highlight soquelitinib's potential benefits for patients resistant to other treatments. Corvus plans to discuss these findings in an upcoming conference call and webcast.
CRVS stock is currently priced at $21.41, reflecting a 165.96% increase, with a change of $13.36. The stock has fluctuated between $12.69 and $22.05 yesterday. Over the past year, it reached a high of $22.09 and a low of $2.54. The market capitalization is approximately $1.6 billion, with a trading volume of 82.77 million shares.
