Corvus Pharmaceuticals (CRVS) Stock

Adds to growing body of evidence supporting the potential of ITK inhibition as a novel therapeutic for the treatment of a wide range of immune diseases

Today, we take a look at Corvus Pharmaceuticals, whose stock has rocketed from under $2 a share this summer to around ten bucks a share. The company is advancing a couple of intriguing candidates within its developmental pipeline and recently kicked of a pivotal Phase 3 registrational study. Can the rally continue as the market increasingly buys into the story around Corvus or is some profit taking on the horizon?

Data presented in an oral session at the Society for Immunotherapy of Cancer 39th Annual Meeting, where it was selected as a top 100 abstract Data presented in an oral session at the Society for Immunotherapy of Cancer 39th Annual Meeting, where it was selected as a top 100 abstract

CRVS stock gains 14% on initiating a registrational study on its lead candidate, soquelitinib, to treat relapsed/refractory peripheral T-cell lymphoma.

Soquelitinib is a potential first-in-class ITK inhibitor with broad potential in cancer and immune diseases There are currently no fully approved agents for the treatment of relapsed PTCL and soquelitinib has been granted Orphan Drug Designation and Fast Track Designation by the FDA BURLINGAME, Calif., Sept. 10, 2024 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (NASDAQ: CRVS), a clinical-stage biopharmaceutical company, today announced that it has initiated a registrational Phase 3 clinical trial of soquelitinib for patients with relapsed/refractory peripheral T-cell lymphoma (PTCL).

Corvus Pharmaceuticals, Inc. (NASDAQ: CRVS) held its Q1 2024 Earnings Conference Call on May 6, 2024 at 4:30 PM ET. Participants included Zack Kubow from Real Chemistry, Richard Miller (President and CEO, Co-Founder), Leiv Lea (Chief Financial Officer), Jeffrey Arcara (Chief Business Officer), James Rosenbaum (Senior Vice President of Research), and Ben Jones (Senior Vice President of Regulatory and Pharmaceutical Sciences). Conference call participants included Jeff Jones from Oppenheimer, Graig Suvannavejh from Mizuho Securities, Liang Cheng from Jefferies, and Rosemary Li from Cantor Fitzgerald. The call provided a business update and reported on the company's financial results for the first quarter of 2024. All lines were in a listen-only mode during the call.

The selling pressure for Corvus (CRVS) may have decreased as it is now considered oversold. Along with this technical indicator, the consensus among analysts on Wall Street raising earnings estimates suggests the stock is ready for a turnaround.

Corvus (CRVS) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.

Corvus (CRVS) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).