Corvus Pharmaceuticals (NASDAQ:CRVS) Issues Earnings Results

Corvus Pharmaceuticals (NASDAQ:CRVS) released its quarterly earnings data on Thursday. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.03), FiscalAI reports.

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

• Cash runway extended into Q2 2028 following $189.4 million in net proceeds from a first-quarter follow-on offering; Corvus ended June with $215.2 million in cash, equivalents and marketable securities.
• Soquelitinib’s atopic dermatitis Phase I results showed encouraging activity, with 75% of patients receiving the highest dose achieving EASI-75 versus 20% for placebo, alongside signals of deeper and durable responses and no major safety concerns.
• The Phase II SIERRA-1 atopic dermatitis study is enrolling as planned, with approximately 200 patients, enrollment completion expected in early 2027 and topline data targeted for Q3 2027. Corvus is also expecting data from partner Angel Pharmaceuticals’ first cohort by year-end 2026 and second-cohort data in Q2 2027.
• Corvus plans to broaden the pipeline by initiating Phase II asthma and Phase Ib hidradenitis suppurativa studies before year-end, testing soquelitinib across both T2 and non-T2 asthma populations and evaluating biomarkers associated with TH17-driven disease.
• The Phase III relapsed/refractory peripheral T-cell lymphoma trial remains on track, with an independent interim futility analysis now expected in Q1 2027 and final data still projected for late 2027; the interim analysis will not disclose efficacy or safety results publicly.

Corvus Pharmaceuticals Stock Performance

Corvus Pharmaceuticals stock traded up $0.06 on Friday, reaching $13.92. The company’s stock had a trading volume of 1,370,050 shares, compared to its average volume of 879,824. The business’s fifty day moving average price is $13.41 and its 200 day moving average price is $15.34. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -22.82 and a beta of 0.87. Corvus Pharmaceuticals has a twelve month low of $4.12 and a twelve month high of $26.95.

Insider Buying and Selling at Corvus Pharmaceuticals

In other Corvus Pharmaceuticals news, Director David Scott Moore purchased 21,700 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was acquired at an average cost of $11.53 per share, with a total value of $250,201.00. Following the completion of the acquisition, the director directly owned 21,700 shares of the company’s stock, valued at $250,201. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 19.70% of the company’s stock.

Hedge Funds Weigh In On Corvus Pharmaceuticals

Large investors have recently modified their holdings of the stock. Graham Capital Management L.P. bought a new stake in Corvus Pharmaceuticals during the 4th quarter worth about $148,000. Fox Run Management L.L.C. bought a new position in shares of Corvus Pharmaceuticals in the 4th quarter valued at about $86,000. Brevan Howard Capital Management LP bought a new position in shares of Corvus Pharmaceuticals in the 3rd quarter valued at about $113,000. BNP Paribas Financial Markets increased its position in shares of Corvus Pharmaceuticals by 125.9% in the third quarter. BNP Paribas Financial Markets now owns 12,516 shares of the company’s stock valued at $92,000 after acquiring an additional 6,975 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Corvus Pharmaceuticals during the second quarter worth about $115,000. 46.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRVS has been the topic of several recent analyst reports. Wall Street Zen lowered Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. The Goldman Sachs Group initiated coverage on Corvus Pharmaceuticals in a research note on Friday, April 17th. They set a “buy” rating and a $40.00 price objective for the company. LADENBURG THALM/SH SH raised Corvus Pharmaceuticals to a “strong-buy” rating in a report on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 28th. One 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.33.

Corvus Pharmaceuticals Company Profile

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation immuno-oncology therapies. The company’s research efforts are centered on harnessing both the innate and adaptive immune systems to counteract tumor-driven immunosuppression. By targeting key pathways that regulate immune cell function, Corvus aims to create novel agents that can be combined with existing cancer treatments to improve patient outcomes.

Corvus’s lead pipeline candidates include small-molecule and antibody therapies designed to inhibit the adenosine pathway, a known mediator of tumor immune escape.