Corvus Pharma extends gains after boosted $175 mln equity raise

Corvus Pharmaceuticals CRVS.O shares up 5.9% at $23.46 premarket after $175 mln follow-on priced

Biopharma firm late Weds sold ~7.9 mln shares at $22.15, in line with last sale

Offering size boosted from $150 mln

CRVS shares on Tues soared 166% to close at about 7-yr high after co announced positive early-stage soquelitinib data for atopic dermatitis (eczema)

Shares added another 3.5% on Weds

Co intends to use net offering proceeds for working capital and general purposes, including capex and R&D, including for its Phase 3 T cell lymphoma, and Phase 2 atopic dermatitis, hidradenitis suppurativa and asthma clinical trials

Jefferies and Goldman Sachs are lead joint bookrunners for offering, joined by Mizuho

All 7 analysts are bullish on the stock; median PT $25.50, per LSEG data