Corvus Pharmaceuticals initiated with an Overweight at Barclays

Barclays initiated coverage of Corvus Pharmaceuticals (CRVS) with an Overweight rating and $16 price target The firm launched coverage of eight companies across inflammation and immunology, rare disease, and oncology. While small- and mid-cap biotechnology names have binary risk, investments supported by prior clinical data or de-risked mechanisms of actions represent risk/reward that is skewed to the upside, the analyst tells investors in a research note. Barclays believes the market is rewarding new mechanisms and modes of action that potentially improve dosing frequency and compliance.