Corvus Pharmaceuticals, Inc. (CRVS), a clinical-stage biopharmaceutical company, has seen a massive increase of 38.50% in the premarket trading session. As a result, CRVS stock is currently changing hands at $3.13. Apparently, there seems to be no obvious reason for this prodigious increase in CRVS stock. On Thursday, CRVS stock closed the day at $2.26 after declining some 1.31%. Let us discuss some of the major development related to CRVS stock.
Approval of IND application
On the 16th of August, CRVS announced that the IND application submitted by Angel Pharmaceuticals Ltd., company’s partner in China, has been accepted by CDE in China. The IND application was related to the initiation of Phase 1/1b clinical trial of ITK inhibitor CPI-818. The inhibitor would be used for the treatment of relapsed/refractory T cell lymphomas. Angle pharmaceuticals had a plan to begin the trial before the end of 2021. It would be responsible for all of the expenses related to the execution of trial. CPI-818 is an investigational, orally bioavailable, covalent inhibitor of ITK. It is designed to have a low nanomolar affinity. According to In vitro studies, the CPI-818 could inhibit T cell receptor signal transduction. Angle Pharmaceuticals obtained the license from CRVS for the development, commercialization, and manufacturing of CPI-818 in China. Commenting on the matter, Richard A. Miller, M.D., co-founder, president, and chief executive officer of Corvus, praised Angle Pharmaceuticals. He said that his company believes that Angle Pharmaceuticals and Corvus are well-positioned to accelerate their development in harmony.
CRVS Q2 2021 financial results
On 2nd August, CRVS reported the quarterly results for second quarter of the fiscal year 2021, which ended 30th June. According to the details, the company had cash and cash equivalents of $66.5 million at the end of quarter. The total operating expenses for the quarter stood at $11.29 million, while for the equivalent period of 2020, the operating expenses were $10.76 million. The company bore a net loss of $11.75 million, while during the equivalent period of 2020; the net loss was $10.61. The net loss per basic and diluted share stood at $0.28, while for an equivalent period of 2020, it was $0.36. At the end of the quarter, the company had total assets of $109.39 million, while the total liabilities were $12.99 million. Richard A. Miller praised the performance of company. He said that the company is hopeful that recent advancements would start reaping the fruits in near future.
What’s ahead for CRVS stock?
Recent past performance of CRVS stock has been impressive. The stock has gained an increase of 17.10% in last month. Future times also seem optimistic for CRVS. The EPS of company is expected to rise by 87% during the current fiscal year alone. Based on these indicators, it’s easy to expect that CRVS stock could enjoy positive times in the near future.
