Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
OrbiMed Advisors LLC, a major shareholder in Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS), sold 1,176,332 shares of common stock on June 27, 2025, for approximately $4.89 million. The shares were sold at a price of $4.1586. According to InvestingPro data, CRVS has delivered an impressive 117% return over the past year, despite currently trading at $3.86, below OrbiMed’s sale price.
On the same day, OrbiMed also acquired 1,397,684 shares of Corvus Pharmaceuticals through the exercise of common warrants at a price of $3.50, for a total value of $4.89 million.
Following these transactions, OrbiMed Advisors now holds 7,165,006 shares of Corvus Pharmaceuticals. These securities are held by OrbiMed Private Investments V, LP, of which OrbiMed Capital GP V LLC is the general partner, and OrbiMed Advisors LLC is the managing member.
In other recent news, Corvus Pharmaceuticals has released promising interim data from its Phase 1 clinical trial for soquelitinib, a drug under investigation for treating moderate to severe atopic dermatitis. The trial results indicate that cohort 3, which received a higher dose, showed a more significant improvement in symptoms compared to earlier cohorts and the placebo group. The 200 mg twice-daily dosage demonstrated a 64.8% reduction in the Eczema Area and Severity Index score at day 28. Safety data suggests that soquelitinib is well-tolerated with no significant toxicities. In a related development, Angel Pharmaceuticals, Corvus’s partner in China, has received approval to begin a Phase 1b/2 trial of soquelitinib in China. Meanwhile, Cantor Fitzgerald reiterated an Overweight rating on Corvus, expressing a positive outlook on the company’s novel treatment approach. Mizuho (NYSE:MFG) Securities adjusted its price target for Corvus, reducing it to $11 but maintained an Outperform rating, highlighting the drug’s potential as a convenient treatment option. Oppenheimer analyst Jeff Jones also maintained an Outperform rating and raised the price target from $2 to $17, citing the promising clinical-stage programs of Corvus.
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