Shares of Corvus Pharmaceuticals Inc. (NAS:CRVS) soared 81.2% in trading on Tuesday after the company said it launched an open-label Phase 1 clinical trial testing an experimental monoclonal antibody as a treatment for COVID-19. The U.S.-based study plans to enroll up to 30 participants with mild to moderate symptoms. The company is also testing this investigational therapy in cancer patients. "Our B cell activating monoclonal antibody may be a potential immunotherapy for COVID-19 based on its ability to stimulate the production of anti-SARS-CoV-2 antibodies," CEO Richard Miller said in a news release. The company expects to release data from the study sometime this year. Shares of Corvus are down 49.6% year-to-date, while the S&P 500 (S&P:SPX) has declined 1.5%.
July 7, 2020, 9:32 a.m. EDT