Corvus Pharmaceuticals price target raised to $15 from $14 at Oppenheimer

Oppenheimer raised the firm’s price target on Corvus Pharmaceuticals (CRVS) to $15 from $14 and keeps an Outperform rating on the shares after the company released year-end results and provided a business update. Clinical studies for soquelitinib are on track with updated Phase 1 data in AD anticipated at the Society for Investigative Dermatology in May. An update was just presented at the T Cell Lymphoma Forum last week, which provided longer-term follow for patients in the Phase 1b study, the firm says. Oppenheimer believes year-end cash of $52M remains a concern, with this amount insufficient to complete the ongoing Phase 3 study.