Corvus Pharmaceuticals Prices Upsized Offering of 7.9 Million Shares at $22.15, Raising $175 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 5d ago
0mins
Source: Yahoo Finance
- Upsized Offering: Corvus Pharmaceuticals announced the pricing of 7,900,677 shares at $22.15 each, raising approximately $175 million, indicating strong market demand for its clinical-stage biopharmaceutical products.
- Underwriter Option: The underwriters have a 30-day option to purchase an additional 1,185,101 shares, enhancing financial flexibility and potentially providing more funding for future R&D and marketing efforts.
- Clear Use of Proceeds: The net proceeds will be allocated for working capital and general corporate purposes, including capital expenditures and R&D for multiple clinical trials, reflecting the company's proactive growth strategy.
- Strong Underwriting Team: With Jefferies and Goldman Sachs as lead underwriters, confidence in Corvus is evident, and the offering is expected to close on January 23, 2026, further solidifying its position in the biopharmaceutical industry.
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.
