Corvus Pharmaceuticals Initiates $150 Million Public Offering Amid 8.92% Stock Decline
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6d ago
0mins
Source: NASDAQ.COM
- Public Offering Initiation: Corvus Pharmaceuticals has announced a public offering of $150 million in common stock, including pre-funded warrants for certain investors, which is expected to fund capital expenditures and R&D for its clinical trials.
- Underwriter Selection: Jefferies and Goldman Sachs are acting as lead underwriters for the offering, providing market expertise that is crucial for the successful execution of the capital raise.
- Clinical Trial Progress: The company's lead candidate, Soquelitinib, is currently in a Phase 3 registration trial for relapsed/refractory PTCL and has shown positive results in a Phase 1 trial for atopic dermatitis, indicating strong market potential.
- Stock Price Volatility: Despite the positive clinical trial news, CRVS shares fell 8.92% in after-hours trading, reflecting market concerns about the offering, with the stock trading between $2.54 and $22.10 over the past year.
Analyst Views on CRVS
Wall Street analysts forecast CRVS stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for CRVS is 13.33 USD with a low forecast of 11.00 USD and a high forecast of 16.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 23.010
Low
11.00
Averages
13.33
High
16.00
Current: 23.010
Low
11.00
Averages
13.33
High
16.00
About CRVS
Corvus Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on the development of ITK inhibition as a new approach to immunotherapy for a range of cancer and immune diseases. Its lead product candidate is soquelitinib, is designed to bind specifically to a protein, interleukin 2 inducible T cell kinase (ITK), involved in T cell activation, T cell receptor signaling and T cell differentiation and function. ITK, an enzyme that functions in T cell signaling and differentiation, is expressed predominantly in T cells. Its second product candidate, ciforadenant, is an oral, small molecule antagonist of the A2A receptor for adenosine designed to disable a tumor’s ability to subvert attack by the immune system by blocking the binding of immunosuppressive adenosine in the tumor microenvironment to the A2A receptor. The Company’s third product candidate is mupadolimab, a humanized monoclonal antibody that is designed to react with a specific site on CD73.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
