Graig Suvannavejh, an analyst from Mizuho Securities, maintained the Hold rating on Corvus Pharmaceuticals (CRVS – Research Report). The associated price target remains the same with $3.50.
Graig Suvannavejh has given his Hold rating due to a combination of factors surrounding Corvus Pharmaceuticals’ recent updates and future prospects. The first quarter of 2024 has seen promising developments, notably for soquelitinib, the company’s leading asset, as well as ciforadenant, another key candidate. Despite these positive updates, including the anticipated start of a pivotal Phase 3 study for soquelitinib and a successful initiation of a Phase 1 study in atopic dermatitis, Suvannavejh remains cautious, opting to maintain a Neutral stance with no change to the previous price target.
This cautious optimism is further tempered by the expectation of key data sets to be released later in the year which could impact the company’s valuation. Moreover, a successful fundraising effort has extended Corvus Pharmaceuticals’ financial runway, albeit the possibility of needing additional capital raises in light of upcoming data readouts cannot be ruled out. This strategic financial positioning, combined with the potential to slightly increase the market opportunity for soquelitinib by including additional T-cell lymphoma subtypes in the Phase 3 study, presents a balanced view of potential and risk, justifying Suvannavejh’s Hold rating.
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Corvus Pharmaceuticals (CRVS) Company Description:
Corvus Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company, which engages in the development and commercialization of oncology therapies. The company focuses on disabling cancer’s ability to subvert immune attack by inhibiting adenosine in the tumor microenvironment and by blocking its production by tumors. Its product pipeline includes Adenosine A2A Receptor Antagonist CPI-444, Adenosine Production Inhibitor Anti-CD73, Adenosine A2B Receptor Antagonist, ITK Inhibitor, and Myeloid Cell Suppression. The company was founded by Richard A. Miller, Peter A. Thompson, and Joseph J. Buggy on January 27, 2014 and is headquartered in Burlingame, CA.
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