Oppenheimer lowered the firm’s price target on Corvus Pharmaceuticals to $7 from $8 and keeps an Outperform rating on the shares. On Tuesday, Corvus announced Q4 and full-year results, highlighting a somewhat narrowed plan for lead candidate soquelitinib, the firm says. Management is focused on the pivotal study for soquelitinib in rPTCL, and establishing human proof of concept in atopic dermatitis. Soquelitinib in RCC appears off the table for now, Oppenheimer adds, also noting that the company remains under-resourced, ending the year with $27.1M in cash. With no formal guidance on runway from management, the firm anticipates the company will struggle to have cash through Q4 2024 without a financing or significant partnering deal.
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