Corvus Pharmaceuticals Inc Receives a Buy from BTIG

By Carrie Williams

BTIG analyst Dane Leone reiterated a Buy rating on Corvus Pharmaceuticals Inc (NASDAQ: CRVS) yesterday and set a price target of $26. The company’s shares closed yesterday at $12.32.

Leone observed:

“Corvus provided an update on the CPI-444 program at the Society for Immunotherapy of Cancer Annual Meeting. The update helped to expand on the potential of biomarkers to help stratify patients that could benefit from drugs targeting the adenosine pathway, an extension of the discussion held at the Corvus R&D day during July 2017. We reiterate our Buy rating and $26 PT.”

According to TipRanks.com, Leone is a 5-star analyst with an average return of 15.5% and a 68.4% success rate. Leone covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, Trillium Therapeutics, and Blueprint Medicines.

Currently, the analyst consensus on Corvus Pharmaceuticals Inc is Strong Buy and the average price target is $25.50, representing a 107.0% upside.

In a report issued on November 12, Cowen & Co. also assigned a Buy rating to the stock.

Based on Corvus Pharmaceuticals Inc’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $0 and GAAP net loss of $12.72 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $10.3 million.

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Corvus Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company, which engages in the development and commercialization of novel immuno-oncology therapies designed to harness the immune system to attack cancer cells. Its products include CPE-444, an orally administered antagonist of the adenosine A2A receptor; Adenosine production inhibitor; Adenosine A2B antagonist; and Interleukin-2 (IL-2)-inducible T cell kinase (ITK) inhibitors. The company was founded by Richard A. Miller, Leiv Lea, and Joseph J. Buggy in January 27, 2014 and is headquartered in Burlingame, CA.