H.C. Wainwright analyst Sean Lee CFA maintained a Buy rating on Corvus Pharmaceuticals today and set a price target of $11.00.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Sean Lee CFA’s rating is based on Corvus Pharmaceuticals’ significant progress in its clinical programs, particularly in the treatment of atopic dermatitis (AD) with soquelitinib. The company is advancing to a Phase 2 study following promising results from the Phase 1 study, where soquelitinib demonstrated both safety and efficacy, achieving a 65% reduction in EASI scores compared to 34% for placebo. The upcoming Phase 2 study will involve a larger patient cohort and a longer treatment duration, which is expected to yield even better outcomes.
Additionally, Corvus is expanding its research into other indications such as peripheral T cell lymphoma (PTCL) and autoimmune lymphoproliferation syndrome (ALPS), with key clinical readouts anticipated in the near future. The interim results from the Phase 1 AD study and the ongoing studies in PTCL and ALPS could provide further validation of soquelitinib’s potential, thereby increasing investor confidence. The strategic collaboration with Angel Pharmaceuticals in China also enhances Corvus’s global research footprint, supporting the positive outlook for the company’s stock.
In another report released on August 8, Oppenheimer also reiterated a Buy rating on the stock with a $15.00 price target.