Corvus Pharmaceuticals Inc. (NASDAQ: CRVS) shares were sharply higher on Monday after the company announced updated data from its ongoing early-stage study in patients with COVID-19. These results build on the initial data from the first two cohorts of the study that was published in September.

Specifically, the results come from the Phase 1 study investigating the potential for CPI-006 to provide a novel immunotherapy approach for patients with the coronavirus. The primary efficacy endpoint is the change in serum immunoglobulin (IgM and IgG) anti-SARS-CoV-2 levels compared to baseline at day 28.

The updated data includes 56-day follow-up results from the first two cohorts and initial results from the third cohort of the study. The 56-day follow-up results showed a dose-response, with higher and more prolonged titers of anti-SARS-CoV-2 antibodies in the 1.0 mg/kg cohort compared to the 0.3 mg/kg cohort.

Additionally, 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, 2020.

So far, the first three cohorts of the study have been enrolled and the final cohort is currently enrolling patients.

The company continues to anticipate that it will complete the study and report results during the fourth quarter of 2020, including a presentation of data at the Society for Immunotherapy of Cancer (SITC) annual meeting in November.

Corvus Pharma stock traded up 29% to $5.24 Monday morning, in a 52-week range of $1.01 to $6.88. The consensus price target is $9.20.

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