Stock Alert: Corvus Rise 30% On Positive Data From Early COVID Treatment Study

(RTTNews) - Shares of Corvus Pharmaceuticals, Inc. (CRVS) jumped nearly 30% on Monday morning after the drug maker reported positive results from an early stage study of investigational COVID-19 treatment.

CRVS is currently trading at $5.20, up $1.13 or 27.76%, on the Nasdaq.

The clinical-stage biopharmaceutical company said that new data from phase 1 study of CPI-006, which is intended to improve immune system by producing anti-SARS-CoV-2 antibodies, continues to support its potential as a treatment for COVID-19.

The results showed increased levels of memory B cells and memory T cells, and there have been no reports of any drug-related safety issues in any of the 15 patients treated as of September 17.

"We continue to see consistent, promising results with CPI-006 in hospitalized COVID-19 patients...We are also exploring the potential use in combination with preventative vaccines under development by third parties to enhance and prolong immunity," said Richard Miller,, president and chief executive officer of Corvus.