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Is Corvus Pharmaceuticals a Good Healthcare Stock to Add to Your Portfolio? By StockNews

by Mike Robinson

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© Reuters. Corvus Pharmaceuticals: A Good Stock for Healthcare?

Corvus Pharmaceuticals’ (NASDAQ:) progress has been impressive in several areas of immuno-oncology treatments. These developments sent Corvus Pharmaceuticals shares skyrocketing to $9.54 per share 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. Due to the positive trend in COVID-19 vaccinations, which showed a decrease in severe infections and hospitalizations, it ended its Phase 3 study of mupadolimab in COVID-19. 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. CRVS also reached its 52-week peak 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. In addition, the company reported second-quarter losses. Its near-term prospects are uncertain.

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