Corvus Pharmaceuticals: Undervalued Buy on Soquelitinib’s Promising Data, Expanding Immunology Pipeline, and Multiple Upcoming Catalysts

In a report released today, Sean Lee CFA from H.C. Wainwright maintained a Buy rating on Corvus Pharmaceuticals, with a price target of $27.00.

Sean Lee CFA has given his Buy rating due to a combination of factors tied primarily to the promising profile of soquelitinib and Corvus Pharmaceuticals’ growing clinical pipeline. The latest Phase 1 data in refractory atopic dermatitis showed strong efficacy across key endpoints versus placebo, durable responses beyond the treatment period, and a safety profile comparable to placebo, supporting the view that soquelitinib could emerge as a leading therapy in this indication. These results led him to materially increase his assumed market share for soquelitinib and to lift his 12‑month price target to $27 per share.
Additionally, Lee highlights multiple upcoming catalysts that could further enhance the company’s value, including Phase 2 data in autoimmune lymphoproliferation syndrome and interim readouts from the pivotal Phase 3 trial in peripheral T‑cell lymphoma expected in 2026. Planned Phase 2 studies in atopic dermatitis, asthma, and hidradenitis suppurativa broaden the potential applications of soquelitinib across immune‑related diseases, creating additional upside optionality. His valuation is grounded in a risk‑adjusted net present value model that incorporates projected revenues from soquelitinib and other pipeline candidates, adjusted for standard industry risks and supported by the company’s current cash position. Taken together, these elements underpin his conviction that the stock is undervalued relative to its risk‑adjusted prospects, justifying a reiterated Buy recommendation.