Corvus Pharmaceuticals Prices $175M Upsized Public Offering to Fund Clinical Trials
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 5d ago
0mins
Source: seekingalpha
- Offering Size: Corvus Pharmaceuticals has priced an upsized public offering of 7.9 million shares at $22.15 each, with gross proceeds expected to be approximately $175 million, reflecting strong market confidence in the company's growth prospects.
- Use of Proceeds: The net proceeds from this offering will be allocated for working capital and general corporate purposes, including capital expenditures and R&D, particularly for its Phase 3 T-cell lymphoma and Phase 2 atopic dermatitis clinical trials, aiming to accelerate product development.
- Underwriters' Option: The underwriters have a 30-day option to purchase an additional ~1.18 million shares, providing the company with potential additional financing flexibility and enhancing its capital structure stability.
- Expected Closing Date: The offering is anticipated to close on or about January 23, 2026, marking a proactive capital market strategy that supports future clinical trials and marketing efforts.
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.
