Corvus Pharmaceuticals price target raised to $42 from $13 at Jefferies

Jefferies analyst Roger Song raised the firm’s price target on Corvus Pharmaceuticals (CRVS) to $42 from $13 and keeps a Buy rating on the shares. The firm views the Phase 1 data for soquelitinib in atopic dermatitis as “strong and supportive” of a Phase 2 trial to start Q1. Soquelitinib is building a case to be a “first-in-class, convenient, safe and efficacious oral ITK inhibitor” for atopic dermatitis with potential expansion into other indications, the analyst tells investors in a research note. Multiple key opinion leaders Jefferies spoke to were “encouraged” by the drug’s profile and predict it has a meaningful role in future atopic dermatitis landscape.