Is Corvus Pharmaceuticals a Good Healthcare Stock to Add to Your Portfolio? By StockNews
© Reuters. Is Corvus Pharmaceuticals a Good Healthcare Stock to Add to Your Portfolio?
Corvus Pharmaceuticals (NASDAQ:) has been making headway on several developments in the immuno-oncology therapies space, which sent its shares soaring to their 52-week high of $9.54 on September 21. However, the stock’s price has since declined on profit-taking. So, let’s find out if it is wise to buy the dip in the stock now.Clinical-stage biopharmaceutical company Corvus Pharmaceuticals, Inc. (CRVS) in Burlingame, Calif., develops drugs and antibodies that target the most critical cellular elements of the immune system. The company discontinued its Phase three study of mupadolimab for COVID-19 in July due to positive trends exhibited by COVID-19 vaccines in lowering severe infection and hospitalization. However, on September 22, it announced positive results whereby mupadolimab could become a “universal treatment for viral diseases.”
The stock has gained 226.9% in price over the past month to close Friday’s trading session at $6.80. In addition, CRVS hit its 52-week high of $9.54 on September 21.
However, the stock’s price has since plunged, due primarily to profit-taking. Also, on September 24, OrbiMed Advisors sold nearly 1 million CRVS’ shares. Moreover, it reported losses in the second quarter. So, its near-term prospects look uncertain.
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