Corvus Pharmaceuticals Inc. (NASDAQ: CRVS) watched the COVID-19 stock bump play out in Tuesday’s session as this company joins the ever-growing list of coronavirus stocks. In this case, Corvus is initiating an early-stage study in patients with COVID-19.

Specifically, Corvus has initiated a Phase 1 study to investigate a novel immunotherapy approach for patients with COVID-19. This comes after the U.S. Food and Drug Administration’s (FDA) review and acceptance of the firm’s investigational new drug (IND) application for the COVID-19 study.

Corvus is studying an agonistic (immunostimulatory) humanized monoclonal antibody, CPI-006, which has demonstrated a potential new approach to immunotherapy of infectious diseases and cancer.

In both in vitro and in vivo studies in cancer patients, CPI-006 has demonstrated binding to various immune cells and the inducement of a humoral adaptive immune response: B cell activation and lymphocyte trafficking leading to the production of antigen-specific immunoglobulin (IgM and IgG) antibodies. In simpler terms, CPI-006 has been proven to produce an immune response.

Corvus has had some success with CPI-006 in the past with a couple of cancer studies. In these studies, CPI-006 was well tolerated and was able to produce an immune response.

The potential as an immunotherapy treatment for COVID-19 could be tremendous. Although this is only an early-stage study, it is very possible that the FDA would fast track this if the results are strong.

Excluding Tuesday’s move, Corvus Pharmaceuticals stock had underperformed the broad markets, with a retreat of about 50% year to date. However, over the past quarter, the stock was actually up about 36%.

The shares traded up about 120% on Tuesday, at $6.03 in a 52-week range of $1.01 to $6.43. The consensus price target is $8.60.

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