On Wednesday, Corvus Pharmaceuticals (NASDAQ:CRVS) shares received a reiterated Outperform rating and a maintained $14.00 price target from Oppenheimer, following the announcement of encouraging interim results from its Phase 1 study of soquelitinib in atopic dermatitis (AD).
The biopharmaceutical company's study, identified by its clinical trial number NCT06345404, demonstrated notable patient responses both clinically and through biomarker assessments at 28 and 58 days.
The study reported that 25% (3 out of 12) and 40% (4 out of 10) of patients achieved EASI-75, which stands for a 75% reduction in the Eczema Area and Severity Index, at day 28 and day 58 respectively. In contrast, none of the patients in the placebo group reached EASI-75.
These results are particularly significant when compared to the approximately 35% efficacy rate at week 16 of the market-leading treatment, dupilumab, especially considering the current results are from the initial cohort of a dose escalation trial.
The company's release highlighted the positive outcomes, which are expected to positively impact the stock performance, as suggested by the firm's outlook. The early success of soquelitinib in this trial is a key factor in the anticipation of a potential rise in Corvus Pharmaceuticals' share value.
Investors and industry observers are keeping a close eye on Corvus Pharmaceuticals as it progresses through the clinical trial phases. The data released indicates a promising start for soquelitinib, which could evolve into a competitive treatment option for AD. The next steps for the company will likely involve further evaluation of the drug's efficacy and safety in subsequent cohorts and larger patient populations.
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