Corvus slammed after solid tumor study shows few responses

Corvus Pharmaceuticals Inc. (NASDAQ:CRVS) failed to recover on Wednesday after disappointing data from a Phase I/Ib trial of cancer candidate CPI-444 sank the company's share price by nearly half on Tuesday. Corvus lost 50% to $10.36 during Tuesday's session, sliding abruptly after its presentation at the American Association for Cancer Research meeting in Washington, D.C. Corvus slipped another $0.26 to $10.10 on Wednesday.

The trial tested CPI-444, an antagonist of adenosine A2A receptor (ADORA2A), alone and in combination with PD-L1 inhibitor Tecentriq atezolizumab. Interim results showed a disease control rate of 38% among 96 patients, including rates of 38% as a single agent and 39% for the combo. There were three partial responses: one in a renal cell carcinoma (RCC) patient receiving monotherapy, one in a non-small cell lung cancer (NSCLC) receiving the combo, and one in a colorectal cancer patient receiving the combo. No patient achieved a complete response...