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Cantor Fitzgerald reiterated an Overweight rating on Corvus Pharmaceuticals (NASDAQ:CRVS) on Thursday, aligning with the broader analyst consensus. According to InvestingPro data, the stock has shown significant momentum with a 15% gain in the past week. The research firm maintained its positive outlook following meetings with Corvus management in New York.
The rating reaffirmation came after Cantor Fitzgerald hosted Corvus Chief Business Officer Jeff Arcara for a non-deal roadshow in New York on June 5. The meetings focused on the company’s novel oral drug candidate for atopic dermatitis. The company maintains a strong financial position, with a current ratio of 4.9 and more cash than debt on its balance sheet.
Cantor Fitzgerald noted investor sentiment toward Corvus reflected a combination of enthusiasm for the company’s novel oral treatment approach in atopic dermatitis, alongside lingering questions about Phase 2 trial design. For deeper insights into Corvus’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports.
The research firm indicated that financing considerations and ongoing strategic discussions were also topics of interest during the management meetings. These factors contributed to the mixed sentiment observed by analysts.
The Corvus rating review occurred amid industry developments including STAT6 degrader data from Kymera Therapeutics and updated Cohort 3 data for the ITK inhibitor soquelitinib, making Corvus a "topical name" in the sector.
In other recent news, Corvus Pharmaceuticals has reported interim data from its Phase 1 clinical trial for soquelitinib, a drug aimed at treating moderate to severe atopic dermatitis. The results showed significant improvement in symptoms, particularly in cohort 3, which received a higher dose of the medication. This cohort demonstrated a 64.8% reduction in the Eczema Area and Severity Index (EASI) score at day 28, compared to a 34.4% reduction in the placebo group. Additionally, 50% of patients in cohort 3 experienced a meaningful reduction in itch by day 8. Mizuho (NYSE:MFG) Securities has adjusted its price target for Corvus Pharmaceuticals, lowering it from $12.00 to $11.00 but maintaining an Outperform rating due to the promising clinical data. Oppenheimer analyst Jeff Jones also maintained an Outperform rating, raising the price target from $2 to $17, citing the potential of soquelitinib and other drugs in Corvus’s pipeline. Despite a slight earnings miss with an EPS of -0.13 against a forecast of -0.12, Corvus Pharmaceuticals’ stock surged significantly, reflecting investor optimism over its financial position and trial results. The company is planning to initiate a Phase 2 trial for soquelitinib before the end of the year, with ongoing exploration into other potential therapeutic indications.
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