Corvus rises on initiation of mid-stage study for genetic disorder drug

California-based drug developer Corvus Pharmaceuticals' CRVS.O shares rise 2.8% to $4.49

Co says it has started mid-stage study of experimental oral drug, soquelitinib, for treatment of autoimmune lymphoproliferative syndrome (ALPS)

ALPS is a rare genetic disorder in which lymphocytes, a type of white blood cell, increase and accumulate in the spleen and lymph nodes, causing anemia

Co says it has partnered with a unit of the National Institutes of Health to conduct the study for ALPS

Up to last close, CRVS has risen more than double in the past 12 months