Corvus Pharmaceuticals (NASDAQ:CRVS) Posts Earnings Results, Misses Expectations By $0.03 EPS

Key Points

• Corvus Pharmaceuticals reported a quarterly loss of $0.19 per share, missing analyst expectations by $0.03.
• The company’s cash runway extends into Q2 2028 after raising $189.4 million in a follow-on offering; it ended June with $215.2 million in cash, equivalents and marketable securities.
• Soquelitinib showed encouraging Phase I atopic dermatitis results, while the Phase II SIERRA-1 study remains on schedule and additional asthma and hidradenitis suppurativa trials are planned before year-end.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) announced its quarterly earnings results on Thursday. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.03), FiscalAI reports.

Here are the key takeaways from Corvus Pharmaceuticals' conference call:

• Cash runway extended into Q2 2028 following $189.4 million in net proceeds from a first-quarter follow-on offering; Corvus ended June with $215.2 million in cash, equivalents and marketable securities.
• Soquelitinib’s atopic dermatitis Phase I results showed encouraging activity, with 75% of patients receiving the highest dose achieving EASI-75 versus 20% for placebo, alongside signals of deeper and durable responses and no major safety concerns.
• The Phase II SIERRA-1 atopic dermatitis study is enrolling as planned, with approximately 200 patients, enrollment completion expected in early 2027 and topline data targeted for Q3 2027. Corvus is also expecting data from partner Angel Pharmaceuticals’ first cohort by year-end 2026 and second-cohort data in Q2 2027.
• Corvus plans to broaden the pipeline by initiating Phase II asthma and Phase Ib hidradenitis suppurativa studies before year-end, testing soquelitinib across both T2 and non-T2 asthma populations and evaluating biomarkers associated with TH17-driven disease.
• The Phase III relapsed/refractory peripheral T-cell lymphoma trial remains on track, with an independent interim futility analysis now expected in Q1 2027 and final data still projected for late 2027; the interim analysis will not disclose efficacy or safety results publicly.

Corvus Pharmaceuticals Price Performance

Corvus Pharmaceuticals stock traded up $0.06 during midday trading on Friday, reaching $13.92. 1,370,050 shares of the company traded hands, compared to its average volume of 879,824. Corvus Pharmaceuticals has a 12 month low of $4.12 and a 12 month high of $26.95. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -22.82 and a beta of 0.87. The business has a 50 day moving average of $13.41 and a two-hundred day moving average of $15.34.

Insider Buying and Selling

In other news, Director David Scott Moore bought 21,700 shares of the stock in a transaction on Thursday, June 11th. The shares were bought at an average price of $11.53 per share, with a total value of $250,201.00. Following the completion of the acquisition, the director owned 21,700 shares in the company, valued at $250,201. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 19.70% of the company's stock.

Institutional Investors Weigh In On Corvus Pharmaceuticals

A number of large investors have recently made changes to their positions in CRVS. Orbimed Advisors LLC boosted its stake in shares of Corvus Pharmaceuticals by 3.2% during the 2nd quarter. Orbimed Advisors LLC now owns 7,165,006 shares of the company's stock worth $28,660,000 after acquiring an additional 221,352 shares during the last quarter. Vanguard Group Inc. lifted its position in Corvus Pharmaceuticals by 5.8% during the third quarter. Vanguard Group Inc. now owns 3,471,925 shares of the company's stock valued at $25,588,000 after purchasing an additional 191,216 shares in the last quarter. State Street Corp grew its holdings in Corvus Pharmaceuticals by 177.1% during the fourth quarter. State Street Corp now owns 2,788,223 shares of the company's stock valued at $21,469,000 after purchasing an additional 1,781,904 shares during the period. MPM Bioimpact LLC bought a new stake in Corvus Pharmaceuticals during the fourth quarter valued at about $21,126,000. Finally, Geode Capital Management LLC increased its position in Corvus Pharmaceuticals by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 1,473,026 shares of the company's stock worth $11,345,000 after buying an additional 16,498 shares in the last quarter. 46.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on CRVS. The Goldman Sachs Group began coverage on Corvus Pharmaceuticals in a research note on Friday, April 17th. They set a "buy" rating and a $40.00 target price on the stock. Weiss Ratings raised Corvus Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 28th. LADENBURG THALM/SH SH raised Corvus Pharmaceuticals to a "strong-buy" rating in a research report on Thursday, July 30th. Finally, Wall Street Zen downgraded Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.33.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation immuno-oncology therapies. The company's research efforts are centered on harnessing both the innate and adaptive immune systems to counteract tumor-driven immunosuppression. By targeting key pathways that regulate immune cell function, Corvus aims to create novel agents that can be combined with existing cancer treatments to improve patient outcomes.

Corvus's lead pipeline candidates include small-molecule and antibody therapies designed to inhibit the adenosine pathway, a known mediator of tumor immune escape.

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