On Friday, Mizuho Securities reiterated its Neutral rating on Corvus Pharmaceuticals (NASDAQ:CRVS), with a consistent price target of $3.50. The decision follows Corvus Pharmaceuticals' second-quarter earnings report last week, which included updates on the company's clinical pipeline.
The company announced progress in its clinical trials, including the anticipated release of interim data from a Phase 1 study of soquelitinib for treating moderate to severe atopic dermatitis in the fourth quarter of 2024. Final results from this study are expected in early 2025.
Additionally, Corvus is planning to reveal more data from its Phase 2 study of ciforadenant in combination with Opdivo and Yervoy for frontline renal cell cancer within the same timeframe.
Corvus Pharmaceuticals has also updated its schedule for upcoming studies. The initiation of a Phase 3 study of soquelitinib in peripheral T-cell lymphoma (PTCL) is set for September 2024. Furthermore, a Phase 2 study of soquelitinib for solid tumors, including renal cell cancer, is slated to begin in the fourth quarter of 2024.
Despite these developments, Mizuho has chosen to maintain its price target for Corvus Pharmaceuticals at $3.50, leaving the rating unchanged. The firm's stance remains neutral ahead of the forthcoming data from the company's array of clinical studies.
In other recent news, Corvus Pharmaceuticals' drug candidate soquelitinib has received Fast Track Designation from the U.S. Food and Drug Administration (FDA) for the treatment of relapsed or refractory peripheral T cell lymphoma (PTCL).
This development is part of the FDA's initiative to expedite the review of drugs targeting serious conditions with unmet medical needs. Corvus is expected to begin patient enrollment in a Phase 3 trial for soquelitinib in 2024.
Promising findings from a study conducted by Cornell University researchers suggest that soquelitinib, an ITK inhibitor, could potentially provide a new treatment pathway for inflammatory diseases.
The research indicates that ITK inhibition could convert proinflammatory cells into anti-inflammatory cells. However, these findings are based on preclinical research and the effects observed in vitro and in animal models.
In terms of financial performance, Corvus Pharmaceuticals reported a net loss of $5.7 million in the first quarter of 2024, with research and development expenses decreasing to $4.1 million. The company's cash reserves have increased to approximately $52.7 million due to a recent financing round.
Following these developments, Oppenheimer raised Corvus Pharmaceuticals' price target to $8.00 and reaffirmed the Outperform rating. These are the recent developments in Corvus Pharmaceuticals' journey towards advancing its clinical trials and improving its financial position.
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