CRVS - Corvus cut to neutral at Mizuho citing realignment of pipeline
Corvus Pharmaceuticals ([[CRVS]] -8.2%) is set to reverse the double-digit gain recorded yesterday after Mizuho Securities downgraded the stock to neutral from buy citing the company’s recent efforts to reposition the pipeline.The analyst Mara Goldstein and the team note that the company is exploring Ciforadenant in combination with pembrolizumab and a TKI in patients with renal cell carcinoma in a front-line setting.Despite the direct benefit from a wider market opportunity, ‘this comes at a cost of the discontinuation of the prior program in the late-line RCC setting in combination with atezolizumab,’ they argue, pushing back the commercialization timeline to 2026 from 2022/23.Regarding CPI-006 undergoing a pivotal study in COVID-19, Goldstein and the team observe the rapidly evolving and growing space of COVID-19 therapeutics that is also becoming more crowded.Citing the impact of vaccinations, the analysts expect the upside of the program should depend on early results to be released in
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Corvus cut to neutral at Mizuho citing realignment of pipeline