HomeTrending StocksWhy did Corvus Pharmaceuticals Inc. (CRVS) stock soar on Wednesday?

Why did Corvus Pharmaceuticals Inc. (CRVS) stock soar on Wednesday?

Corvus Pharmaceuticals Inc. (CRVS) shares surged 9.17% in after-hours on Wednesday, July 28, 2021, and closed the daily trading at $2.38. in the regular trading session on Wednesday, CRVS stock gained 3.81%. CRVS shares have fallen 44.39% over the last 12 months, and they have moved down 6.84% in the past week. Over the past three months, the stock has lost 24.31%, while over the past six months, it has shed 43.08%.

Let’s have a look at its recent news.

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CRVS Stock discontinued Phase 3 study of mupadolimab for COVID-19

On July 15, 2021, Corvus Pharmaceuticals, Inc (CRVS) discontinued its Phase 3 study of mupadolimab for COVID-19 due to positive trends exhibited by COVID-19 vaccines in lowering serious infection and hospitalizations. The discontinuation is not related to any safety or efficacy issues observed in study patients. The Company will continue to advance the development of mupadolimab in oncology, where it is currently being studied in a Phase 1/1b clinical trial.

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CRVS Participation at the recent conference

Corvus Pharmaceuticals, Inc recently participated at Jefferies Virtual Healthcare Conference which was held on June 3, 2021.

CRVS completed sales of its common shares

On May 05, 2021, Corvus Pharmaceuticals, Inc completed the sale of approximately $10 million of its common shares as per the Company’s ATM program established on March 9, 2020, through Jefferies LLC (“Jefferies”), acting as a sales agent.

3,564,228 new shares were sold to EcoR1 Capital, a fundamental biotechnology-focused investment advisory firm, and 35,714 new shares were sold to Richard A. Miller, the Company’s co-founder, president and chief executive officer, at an at-the-market price of $2.80 per share.

CRVS Recent financial results announcement

On April 29, 2021, Corvus Pharmaceuticals, Inc reported financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • Total operating expenses were $11.5 million in Q1 2021 compared to $13.3 million in Q1 2020.
  • CRVS suffered a net loss of $11.6 million or $0.34 loss per basic and diluted share in Q1 2021 compared to a net loss of $12.9 million or $0.44 loss per basic and diluted share for the same period in 2020.
  • Corvus had cash, cash equivalents and marketable securities totalling $68.0 million on March 31, 2021.

CRVC Business update

Corvus’ lead product candidate is CPI-006, a humanized monoclonal antibody directed against CD73 that has exhibited immunomodulatory activity and activation of immune cells in preclinical studies. CPI-006 is being evaluated in a multicenter Phase 1/1b oncology clinical trial as a single agent, in combination with ciforadenant and pembrolizumab.

The Company’s second clinical program, CPI-818, is an investigational, oral, small molecule drug that selectively inhibited ITK in preclinical studies, and is in a multicenter Phase 1/1b clinical trial in patients with several types of T-cell lymphomas.

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Well, as of this writing, we have no recent news but the company has strong candidate lines which are under clinical trials. We hope that CRVS will continue its positive momentum in the coming days.

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