Is Corvus Pharmaceuticals (NASDAQ:CRVS) Stock a Better Buy After The Recent Fall?
Corvus Pharmaceuticals (NASDAQ:CRVS) jumped 4% in pre-market but stock is still down 20% in a month. Recently the company announced the discontinuation of Phase 3 mupadolimab study for COVID-19 because of positive trends shown by the COVID-19 vaccine in reducing hospitalization and infection rates. The company stated that the decision to discontinue the study is not associated with any efficacy or safety issue observed in patients. However, the company plans to continues advancing mupadolimab development in oncology which is currently in Phase 1/1b clinical study.
CEO Richard Miller said that since the start of the Phase 3 study, it had been established that coronavirus vaccines are effective in reducing the risk of hospitalization and severe disease, which was the demographic the company was intending to treat with mupadolimab. In addition, Miller said that the company is repurposing resources to the advancement of mupadolimab in oncology, thus intensifying efforts in cancer programs. So in the coming weeks, CRVS is a stock to watch.
Market Reaction:
On Wednesday, CRVS stock rose 3.81% at $2.18 with more than 798K shares, compared to its average volume of 310k shares. The stock has moved within a range of $2.1000 – 2.3100 after opening the trade at $2.10. Over the past 52-week, the stock has been trading within a range of $2.0400 – 5.7400.
