Corvus Pharmaceuticals price target raised to $17 from $15 at Oppenheimer

Oppenheimer raised the firm’s price target on Corvus Pharmaceuticals (CRVS) to $17 from $15 and keeps an Outperform rating on the shares. The firm notes that on Thursday afternoon, the company provided a Q1 business update alongside an in-depth review of their Phase 1 data for soquelitnib in AD, ahead of presentations at SID during the coming days. The AD update continues to support Oppenheimer’s enthusiasm for the candidate in this potential blockbuster indication with EASI 75 responses achieved in 63% of Cohort 3 patients, while consistently seeing earlier, deeper, and non-plateauing responses through 28 days of dosing. The firm views these data as highly competitive with dupilimab and other systemic options for patients with AD.