New York, Jan 21, 2026, 12:27 EST — Regular session
- Shares of Corvus edged up 0.3% by midday following the announcement of a $150 million underwritten stock offering
- The biotech’s soquelitinib showed positive results in a placebo-controlled Phase 1 study for eczema, paving the way for a Phase 2 trial.
- Traders are focused on dilution, deal pricing, and the next steps for the broader program
Shares of Corvus Pharmaceuticals edged up 0.3% to $21.48 by 12:11 p.m. EST Wednesday, swinging between $19.05 and a peak of $23.96 during a volatile session sparked by the company’s fresh capital-raising announcement.
The moves carry weight since Corvus remains a clinical-stage firm. Following a strong rally on initial eczema data, it promptly sought new funding — a move that could limit short-term gains if shares are issued at a discount.
The stock is caught between two forces. Bulls are betting on the broad skin data and an upcoming larger trial. Bears, meanwhile, worry about dilution and the reality that early-stage results often weaken when the next, bigger cohort kicks in and complications arise.
Corvus has launched an underwritten public offering of $150 million in common stock, plus pre-funded warrants for some investors—these warrants can later convert into shares and help avoid ownership caps. Underwriters might also purchase up to an additional $22.5 million in shares. The company says the funds will back working capital and R&D, including ongoing trials in atopic dermatitis, hidradenitis suppurativa, and asthma, as well as its Phase 3 T cell lymphoma program. 1
In another filing, the company revealed it has paused sales under its current “at-the-market” program — a mechanism allowing gradual stock sales on the open market — noting that no shares were sold under the $100 million facility before the halt.
Tuesday saw Corvus unveil Phase 1 data for oral soquelitinib targeting moderate-to-severe atopic dermatitis, a type of eczema. In cohort 4, 75% of patients receiving the drug achieved EASI-75 — marking a 75% improvement on the Eczema Area and Severity Index — compared to just 20% on placebo. Meanwhile, 33% reached IGA 0/1 (clear or almost clear), with none on placebo hitting that mark. All adverse events reported were mild to moderate, graded 1–2. CEO Richard Miller commented, “Bottom line, we believe this is a successful Phase 1 program … without compromising safety.”
The prospectus supplement highlighted just how quickly the stock has shifted: it recorded the last sale at $8.05 on Jan. 16. Corvus anticipates reporting roughly $56.7 million in cash, cash equivalents, and marketable securities by Dec. 31, 2025, based on a preliminary unaudited figure. 2
Analysts have jumped on the move. Cantor Fitzgerald’s Li Watsek noted the results point to “Dupixent-better efficacy,” while Mizuho’s Graig Suvannavejh described the new data as “outstanding,” according to BioPharma Dive. The enthusiasm also sparked interest in other ITK inhibitors like Aclaris Therapeutics. However, Aclaris shares fell about 7% on Wednesday.
Sean Lee, an analyst at H.C. Wainwright, bumped his price target on Corvus to $27 from $11 and kept his Buy rating, The Fly reports. 3
The risk is simple: the placebo-controlled group is small, and both safety and durability could change sharply as the program scales into bigger trials. In the short term, traders are focused on the pricing and final details of the $150 million deal, along with any updates on the timing for the upcoming Phase 2 eczema study.
