AZN - Why Corvus Pharmaceuticals Stock Is Down Today
Shares of Corvus Pharmaceuticals (NASDAQ: CRVS) , a clinical-stage biotech, were down by 11.7% as of 2:43 p.m. EDT on Wednesday. Although the company announced the pre-print of results from its discontinued COVID-19 study evaluating the anti-CD73 antibody mupadolimab this morning, the real driver behind today's sell-off appears to be good old profit taking.
Over the four prior trading sessions, Corvus shares shot up by more than 230% in response to AstraZeneca 's (NASDAQ: AZN) interim results from a midstage trial in patients with stage 3 non-small cell lung cancer (NSCLC). What sparked Corvus' jaw-dropping rally is the finding that Astra's own anti-CD73 antibody, known as oleclumab, significantly boosted response rates and progression-free survival in advanced NSCLC patients when combined with the blockbuster checkpoint inhibitor Imfinzi.
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Why Corvus Pharmaceuticals Stock Is Down Today