Corvus Pharmaceuticals (NASDAQ:CRVS) Issues Quarterly Earnings Results

Corvus Pharmaceuticals (NASDAQ:CRVS) released its earnings results on Thursday. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.03), FiscalAI reports.

Here are the key takeaways from Corvus Pharmaceuticals’ conference call:

• Corvus ended September with $202.9 million in cash, cash equivalents and marketable securities, which management says should fund operations into the second quarter of 2028. Third-quarter R&D expense more than doubled year over year to $17.8 million, and net loss rose to $20.3 million.
• The phase III trial of soquelitinib in relapsed/refractory PTCL is enrolling as planned, with an event-driven futility review expected in Q1 2027 and top-line results anticipated before year-end 2027. If the independent committee recommends continuing, Corvus says it will disclose the decision but not interim safety or efficacy data.
• Corvus expects top-line results from its phase II atopic dermatitis trial in Q3 2027; enrollment is on track, and the company sees potential to start phase III in 2028 if results are successful. Partner Angel expects preliminary data from its first cohort in March 2027, with second-cohort data potentially in the second half of the year.
• The company is expanding soquelitinib development into hidradenitis suppurativa and asthma: HS enrollment is ahead of plan, with results potentially in the first half of 2027, while the asthma trial is planned to start in Q1 2027. These programs remain early-stage, and the company’s expectations are based on its view of the drug’s mechanism.
• Initial results from three adults in the NIAID-led ALPS study showed all patients discontinued background medications, with improvements in disease measures and no grade 3 or 4 adverse events reported after a year of treatment. Corvus plans to take over the IND and discuss expanding the study to additional sites and pediatric patients; the small patient group makes the findings preliminary.

Corvus Pharmaceuticals Trading Down 7.9%

Shares of CRVS traded down $0.84 during midday trading on Thursday, hitting $9.73. The company’s stock had a trading volume of 1,145,208 shares, compared to its average volume of 1,058,790. Corvus Pharmaceuticals has a one year low of $6.39 and a one year high of $26.95. The company’s fifty day simple moving average is $11.58 and its two-hundred day simple moving average is $14.41.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CRVS. LADENBURG THALM/SH SH raised Corvus Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, July 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Corvus Pharmaceuticals in a research note on Monday, October 26th. Mizuho set a $27.00 target price on shares of Corvus Pharmaceuticals in a report on Thursday, October 29th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Corvus Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $32.83.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that harness the immune system to treat cancer. The company’s research centers on therapies designed to modulate immune-cell activity and address diseases with significant unmet medical needs.

Corvus’ leading product candidate is soquelitinib, formerly known as CPI-818, an oral, selective inhibitor of inducible T-cell kinase (ITK). The company is studying soquelitinib as a potential treatment for T-cell malignancies, including peripheral T-cell lymphoma.