Corvus Pharmaceuticals (NASDAQ:CRVS) Posts Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Corvus Pharmaceuticals (NASDAQ:CRVS) issued its earnings results on Thursday. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.03), FiscalAI reports.

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

• Corvus ended September with $202.9 million in cash, cash equivalents and marketable securities, which management says should fund operations into the second quarter of 2028. Third-quarter R&D expense more than doubled year over year to $17.8 million, and net loss rose to $20.3 million.
• The phase III trial of soquelitinib in relapsed/refractory PTCL is enrolling as planned, with an event-driven futility review expected in Q1 2027 and top-line results anticipated before year-end 2027. If the independent committee recommends continuing, Corvus says it will disclose the decision but not interim safety or efficacy data.
• Corvus expects top-line results from its phase II atopic dermatitis trial in Q3 2027; enrollment is on track, and the company sees potential to start phase III in 2028 if results are successful. Partner Angel expects preliminary data from its first cohort in March 2027, with second-cohort data potentially in the second half of the year.
• The company is expanding soquelitinib development into hidradenitis suppurativa and asthma: HS enrollment is ahead of plan, with results potentially in the first half of 2027, while the asthma trial is planned to start in Q1 2027. These programs remain early-stage, and the company’s expectations are based on its view of the drug’s mechanism.
• Initial results from three adults in the NIAID-led ALPS study showed all patients discontinued background medications, with improvements in disease measures and no grade 3 or 4 adverse events reported after a year of treatment. Corvus plans to take over the IND and discuss expanding the study to additional sites and pediatric patients; the small patient group makes the findings preliminary.

Corvus Pharmaceuticals Trading Up 5.2%

Shares of CRVS stock traded up $0.51 during mid-day trading on Friday, reaching $10.23. The stock had a trading volume of 138,540 shares, compared to its average volume of 1,853,613. The stock’s 50-day moving average price is $11.58 and its two-hundred day moving average price is $14.41. Corvus Pharmaceuticals has a 52-week low of $6.39 and a 52-week high of $26.95. The firm has a market capitalization of $860.97 million, a PE ratio of -16.67 and a beta of 1.57.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CRVS. LADENBURG THALM/SH SH raised Corvus Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, July 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Corvus Pharmaceuticals in a research report on Monday, October 26th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Corvus Pharmaceuticals in a research note on Wednesday, September 16th. Finally, Mizuho set a $27.00 price objective on Corvus Pharmaceuticals in a research report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Corvus Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $32.83.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that harness the immune system to treat cancer. The company’s research centers on therapies designed to modulate immune-cell activity and address diseases with significant unmet medical needs.

Corvus’ leading product candidate is soquelitinib, formerly known as CPI-818, an oral, selective inhibitor of inducible T-cell kinase (ITK). The company is studying soquelitinib as a potential treatment for T-cell malignancies, including peripheral T-cell lymphoma.