- The stock price of Corvus Pharmaceuticals Inc (NASDAQ: CRVS) increased 135.4% in the previous trading session and the momentum continues today. This is why it happened.
The stock price of Corvus Pharmaceuticals Inc (NASDAQ: CRVS) increased 135.4% in the previous trading session and the momentum continues today as it is up more than 11% pre-market. There is no company-specific news driving the stock price up so it appears there are external factors at play.
There has been an uptick in discussions about Corvus Pharmaceuticals on social media platforms like Discord, StockTwits, Twitter, Facebook, etc. And there is also speculation that this could be a sympathy play associated with recent clinical trial results reported by AstraZeneca could have driven up the stock price. On Friday morning, AstraZeneca reported the results from the large, randomized COAST Phase II trial showed oleclumab, an anti-CD73 monoclonal antibody, or monalizumab, an anti-NKG2A monoclonal antibody, in combination with IMFINZI (durvalumab) improved progression-free survival (PFS) and objective response rate (ORR) compared to IMFINZI alone in patients with unresectable, Stage III non-small cell lung cancer (NSCLC) who had not progressed after concurrent chemoradiation therapy (CRT). The COAST Phase II trial showed oleclumab or monalizumab in combination with IMFINZI significantly delayed disease progression and increased objective response rate.
Corvus is developing an anti-CD73 antibody called mupadolimab, which binds to various immune cells. By binding to CD73 it appears to inhibit production of immunosuppressive adenosine in the tumor microenvironment. And mupadolimab has other distinct properties including effects on B cell function. The binding of mupadolimab to CD73 on B cells appears to result in their activation and subsequent trafficking to lymph nodes, differentiation into plasmablasts and secretion of antibodies.
Other Details You Should Know
Last month, Corvus Pharmaceuticals had announced that an IND application submitted by its partner in China, Angel Pharmaceuticals Ltd. for the initiation of a Phase 1/1b clinical trial of Corvus’ small molecule ITK inhibitor CPI-818 for the treatment of relapsed/refractory T cell lymphomas has been accepted by the Center for Drug Evaluation (CDE) of the China National Medical Products Administration (NMPA). And Angel Pharma plans to initiate the trial before the end of 2021 and will be responsible for all expenses related to executing the trial in China.
CPI-818 is an investigational, orally bioavailable, covalent inhibitor of ITK designed to have low nanomolar affinity. And in vitro studies have shown that it potently inhibited T cell receptor signal transduction. Angel Pharma licensed the rights from Corvus for developing, manufacturing, and commercializing CPI-818 in greater China.
This month, Corvus Pharmaceuticals also announced that the company’s management is going to be participating in two investor conferences.
The first conference is the H.C. Wainwright Annual Global Investment Conference — which took place September 13-15, 2021. The company conducted one-on-one meetings with investors at the conference and a pre-recorded corporate overview presentation by Richard Miller, M.D. president and chief executive officer of Corvus, is available to play on-demand.
The second conference is the Cantor Virtual Global Healthcare Conference, which is taking place September 27-30, 2021. And the company will conduct one-on-one meetings with investors at this conference and a virtual corporate overview presentation will be conducted by Dr. Miller at 3:20-3:50 pm ET on September 29.
It’s also worth mentioning that last week a number of SEC filings were published showing company executives have acquired large positions in the company – which also could have been a catalyst for the stock price increase today.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.