Corvus Pharmaceuticals Inc (NASDAQ:CRVS) shares have fallen 50% in mid-day trading after the company announced interim results from an ongoing phase 1/1b study demonstrating safety and clinical activity of lead checkpoint inhibitor CPI-444 in patients with advanced cancers. Although the data showed that treatment with CPI-444 as a single agent and in combo with Tecentriq was ‘was well tolerated and resulted in anti-tumor activity in patients with multiple types of advanced solid tumors, including those resistant or refractory to prior treatment with anti-PD-1 or anti-PD-L1 antibodies’, the market evidently didn’t like certain numbers in the study as traders were expecting better results. PI-444 is a selective and potent inhibitor of the adenosine A2A receptor.
What Does The Smart Money Sentiment Say?
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According to our data, the number of elite funds long Corvus Pharmaceuticals Inc (NASDAQ:CRVS) rose by one quarter-over-quarter to 6 at the end of December.
The Bottom Line
Corvus Pharmaceuticals Inc shares are down after the company released interim results from an ongoing phase 1/1b study. Evidently the market was expecting better results than what actually occurred. For further reading, check out the article, ‘10 Most Popular Stocks Among Hedge Funds‘.
