Corvus Pharmaceuticals initiated with a Buy at H.C. Wainwright

H.C. Wainwright initiated coverage of Corvus Pharmaceuticals (CRVS) with a Buy rating and $11 price target Corvus is a clinical-stage biopharmaceutical company focused on developing precision medicines to treat cancers and autoimmune diseases, the analyst tells investors in a research note. The firm says the company’s lead product, soquelitinib, is a first-in-class ITK-specific inhibitor that is being investigated for the treatment of both T cell lymphomas and atopic dermatitis. Beyond these, it believes soquelitinib has potential in a variety of other disorders such as psoriasis, inflammatory bowel disease, and allergic asthma. H.C. Wainwright projects soquelitinib to generate risk-adjusted revenues of $801M by 2034.