Corvus Pharmaceuticals jumps after Mizuho upgrades to 'outperform'

Corvus Pharmaceuticals

22/10/2024 12:17

** Corvus Pharmaceuticals' shares  CRVS.O  rise 6.5% to
$8.05 in premarket trading
    ** Mizuho upgrades stock to "outperform" from "neutral";
raises target price to $12 from $3.5
    ** Brokerage bullish on new momentum for CRVS' experimental
drug soquelitinib 
    ** CRVS is testing soquelitinib as a treatment for rare
white blood cell cancer and atopic dermatitis or eczema, an
immune disease that causes red and itchy skin rashes 
    ** Brokerage raises its estimates on the drug on a higher
U.S. launch-year price assumption and a new revenue contribution
from drug in eczema, among others
    ** With ~2 mln U.S. patients that are resistant to
first-line treatments, eczema represents a large market
opportunity - brokerage 
    ** Adds that CRVS believes drug could have potential utility
in as many as 14 other immune diseases
    ** Early-stage data in atopic dermatitis expected shortly,
and brokerage says positive data could provide key validation
and take CVRS shares meaningfully higher 
    ** Avg rating of analysts covering stock is "buy"; median is
$8 - LSEG data
    ** As of last close, stock had more than quadrupled YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))