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On Tuesday, Oppenheimer maintained an Outperform ranking on Corvus Prescribed drugs (NASDAQ:) however lowered the inventory’s worth goal to $7.00 from the earlier $8.00. This adjustment follows the corporate’s announcement of its fourth-quarter and full-year outcomes, which included a refined technique for its lead drug candidate, soquelitinib.
The biopharmaceutical firm has determined to pay attention its efforts on a pivotal examine for soquelitinib in relapsed or refractory peripheral T-cell lymphoma (rPTCL) and to determine human proof of idea for the remedy of atopic dermatitis. Plans to develop soquelitinib for renal cell carcinoma (RCC) have been placed on maintain in the meanwhile.
Corvus Prescribed drugs can be ramping up its enterprise growth actions, having lately appointed a Chief Enterprise Officer (CBO) to spearhead these initiatives. Regardless of these developments, the corporate faces monetary constraints, ending the yr with $27.1 million in money reserves.
The analyst from Oppenheimer famous that with out formal steering on monetary runway from the corporate’s administration, it’s anticipated that Corvus will face challenges in sustaining its money reserves via the fourth quarter of 2024.
This example might necessitate a financing occasion or a big partnership deal to keep up operations. The worth goal has been up to date to replicate these concerns, together with the precise monetary outcomes and the potential for a financing occasion within the third quarter of 2024.
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