Corvus Pharmaceuticals (NASDAQ:CRVS) Issues Earnings Results

Corvus Pharmaceuticals (NASDAQ:CRVS) issued its earnings results on Thursday. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.03), FiscalAI reports.

Here are the key takeaways from Corvus Pharmaceuticals’ conference call:

• Cash runway extended into Q2 2028 following $189.4 million in net proceeds from a first-quarter follow-on offering; Corvus ended June with $215.2 million in cash, equivalents and marketable securities.
• Soquelitinib’s atopic dermatitis Phase I results showed encouraging activity, with 75% of patients receiving the highest dose achieving EASI-75 versus 20% for placebo, alongside signals of deeper and durable responses and no major safety concerns.
• The Phase II SIERRA-1 atopic dermatitis study is enrolling as planned, with approximately 200 patients, enrollment completion expected in early 2027 and topline data targeted for Q3 2027. Corvus is also expecting data from partner Angel Pharmaceuticals’ first cohort by year-end 2026 and second-cohort data in Q2 2027.
• Corvus plans to broaden the pipeline by initiating Phase II asthma and Phase Ib hidradenitis suppurativa studies before year-end, testing soquelitinib across both T2 and non-T2 asthma populations and evaluating biomarkers associated with TH17-driven disease.
• The Phase III relapsed/refractory peripheral T-cell lymphoma trial remains on track, with an independent interim futility analysis now expected in Q1 2027 and final data still projected for late 2027; the interim analysis will not disclose efficacy or safety results publicly.

Corvus Pharmaceuticals Price Performance

Shares of NASDAQ:CRVS traded up $0.06 during midday trading on Friday, reaching $13.92. 1,370,050 shares of the company’s stock were exchanged, compared to its average volume of 879,824. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -22.82 and a beta of 0.87. Corvus Pharmaceuticals has a fifty-two week low of $4.12 and a fifty-two week high of $26.95. The firm’s 50 day simple moving average is $13.41 and its two-hundred day simple moving average is $15.34.

Insider Buying and Selling

In related news, Director David Scott Moore bought 21,700 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were bought at an average price of $11.53 per share, with a total value of $250,201.00. Following the completion of the transaction, the director directly owned 21,700 shares of the company’s stock, valued at $250,201. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 19.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Corvus Pharmaceuticals

Several large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Corvus Pharmaceuticals by 5.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 34,105 shares of the company’s stock valued at $263,000 after buying an additional 1,696 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Corvus Pharmaceuticals by 6.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 32,232 shares of the company’s stock worth $238,000 after acquiring an additional 1,812 shares in the last quarter. Deutsche Bank AG boosted its holdings in Corvus Pharmaceuticals by 4.5% during the 4th quarter. Deutsche Bank AG now owns 56,039 shares of the company’s stock valued at $432,000 after acquiring an additional 2,400 shares during the period. Quarry LP acquired a new position in Corvus Pharmaceuticals in the 3rd quarter valued at about $27,000. Finally, Ancora Advisors LLC increased its stake in Corvus Pharmaceuticals by 9.7% during the third quarter. Ancora Advisors LLC now owns 47,290 shares of the company’s stock worth $349,000 after purchasing an additional 4,183 shares during the period. 46.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CRVS shares. Wall Street Zen lowered Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings upgraded shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 28th. LADENBURG THALM/SH SH raised shares of Corvus Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, July 30th. Finally, The Goldman Sachs Group began coverage on shares of Corvus Pharmaceuticals in a report on Friday, April 17th. They issued a “buy” rating and a $40.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Corvus Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $33.33.

Corvus Pharmaceuticals Company Profile

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation immuno-oncology therapies. The company’s research efforts are centered on harnessing both the innate and adaptive immune systems to counteract tumor-driven immunosuppression. By targeting key pathways that regulate immune cell function, Corvus aims to create novel agents that can be combined with existing cancer treatments to improve patient outcomes.

Corvus’s lead pipeline candidates include small-molecule and antibody therapies designed to inhibit the adenosine pathway, a known mediator of tumor immune escape.